By Sheri Kasprzak
Atlanta, Dec. 10 - Nuinsco Resources Ltd. said Friday it has reduced the size of its previously announced private placement to C$2 million from C$5 million.
The company will now issue a combination of units and flow-through shares with the flow-through shares not to exceed C$2 million in proceeds.
The flow-through shares in the deal are priced at C$0.25, down from the C$0.30 announced Oct. 14. The units in the deal are now priced at C$0.20 down from the C$0.25 announced Oct. 14.
The units in the offering include one share and one half-share warrant. The whole warrants allow for an additional share at C$0.30 for two years.
Placement agents McFarlane Gordon Inc. and Pacific International Securities Inc. have the option to increase the size of the offering by C$1 million.
Based in Toronto, Nuinsco is a nickel exploration and development company. The company plans to use the proceeds from the flow-through shares for exploration work, particularly on its Mel deposit in Manitoba. The funds from the units will be used for acquisitions and working capital.
| Issuer: | Nuinsco Resources Ltd.
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| Issue: | Flow-through shares and units of one share and one half-share warrant
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| Amount: | C$5 million
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| Placement agent: | McFarlane Gordon Inc. and Pacific International Securities Inc.
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| Announcement date: | Oct. 14
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| Re-priced: | Dec. 10
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| Stock price: | C$0.25 at close Oct. 14
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| Stock price: | C$0.23 at close Dec. 10
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| Flow-through shares
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| Issue: | Flow-through shares
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| Shares: | No more than 8 million
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| Price: | C$0.25
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| Warrants: | No
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|
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| Units
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| Issue: | Units of one share and one half-share warrant
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| Price: | C$0.20
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.30
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