Jacob Securities sells units to fund exploration of Jasper Property
By Devika Patel
Knoxville, Tenn., July 8 - Nitinat Minerals Corp. said it will raise C$750,000 in the first tranche of a C$2 million private placement of units on July 12. The deal is being conducted by Jacob Securities Inc. and priced on May 28.
The company is selling 10 million units of one common share and one half-share warrant at C$0.20 per unit. It will sell 3.75 million units in the initial tranche.
Each whole, two-year warrant will be exercisable at C$0.25, which is a 47.06% premium to the May 27 closing share price of C$0.17.
Proceeds will be used for exploration of the Jasper Property, increased investment in Technoton LLC and general working capital purposes.
Based in Toronto, Nitinat minerals is a mining exploration company that targets polymetallic, massive sulphide deposits.
| Issuer: | Nitinat Minerals Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Units: | 10 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Jacob Securities Inc.
|
| Pricing date: | May 28
|
| Settlement date: | July 12 (for C$750,000)
|
| Stock symbol: | TSX Venture: NZZ
|
| Stock price: | C$0.17 at close May 27
|
| Market capitalization: | C$7.34 million
|
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