By Sheri Kasprzak
New York, Nov. 28 - Nuinsco Resources Ltd. said it has reduced to C$2,132,000 its previously announced C$2.5 million private placement.
The company will now sell up to 6.5 million flow-through units at C$0.20 each and up to 5,546,667 common share units at C$0.15 each.
The flow-through units include one flow-through share and one half-share warrant. The whole warrants are exercisable at C$0.25 each for two years.
The non flow-through units include one non flow-through share and one warrant. The warrants are exercisable at C$0.25 each for two years.
MPartners Inc. is the placement agent and has an over-allotment option for up to 4% of the entire offering.
The deal was first announced Oct. 31 as a C$2.5 million offering of up to 6,818,182 flow-through units at C$0.22 each and the rest of non flow-through units at C$0.18 each. The whole warrants had been exercisable at C$0.30 each.
Proceeds from the flow-through units will be used for exploration on the company's Diabase uranium project in Saskatchewan and the Minago nickel deposit in Manitoba. The proceeds from the non flow-through units will be used for acquisitions, working capital and exploration on the company's Berta project in Turkey.
Toronto-based Nuinsco is a uranium exploration company.
| Issuer: | Nuinsco Resources Ltd.
|
| Issue: | Flow-through and non flow-through units
|
| Amount: | C$2,132,000 (maximum)
|
| Placement agent: | MPartners Inc.
|
| Pricing date: | Oct. 31
|
| Downsized: | Nov. 28
|
| Stock price: | C$0.18 at close Oct. 31
|
| Stock price: | C$0.17 at close Nov. 28
|
|
|
| Flow-through units
|
| Units: | 6.5 million (maximum)
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
|
|
| Non flow-through units
|
| Units: | 5,546,667 (maximum)
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
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