New York, Dec. 31 - Nuinsco Resources Ltd. said Friday it completed a downsized and reduced price private placement for C$1,218,226.
The deal was originally announced at C$5 million, then cut to C$2 million and the price reduced.
However Nuinsco did say it plans to raise additional funds in the coming weeks.
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 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 are McFarlane Gordon Inc. and Pacific International Securities Inc.
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.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$1,218,226
|
| Placement agent: | McFarlane Gordon Inc. and Pacific International Securities Inc.
|
| Announcement date: | Oct. 14
|
| Re-priced: | Dec. 10
|
| Settlement: | Dec. 31
|
| Stock price: | C$0.25 at close Oct. 14
|
| Stock price: | C$0.23 at close Dec. 10
|
|
|
| Flow-through shares
|
| Issue: | Flow-through shares
|
| Price: | C$0.25
|
| Warrants: | No
|
|
|
| Units
|
| Issue: | Units of one share and one half-share warrant
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
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