Nitinat Minerals Corp. Completes Private Placement
13.03.2015 | Marketwire
TORONTO, ONTARIO -- (Marketwired - Mar 13, 2015) - Nitinat Minerals Corp. ("Nitinat" or the "Company") (TSX VENTURE:NZZ) would like to announce that it has completed its previously announced non-brokered private placement.The Company issued an aggregate of 2.5 million units (the "Units") of the Company at a price of $0.05 per Unit for gross proceeds of up to $125,000. Each Unit consisted of one (1) common share and one (1) common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.10 at any time till March 5, 2017.
In connection with the private placement, the Company issued to an arm's length third party an aggregate of 175,000 units (the "Compensation Units) or 7% of the aggregate number of Units issued pursuant to the private placement. Each Compensation Unit entails the holder thereof to acquire one (1) Unit at an exercise price of $0.05 per Unit at any time till March 5, 2017.
The securities issued pursuant to the private placement are subject to resale restrictions expiring July 6, 2015. Nitinat intends to use the proceeds for general working capital.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
Nitinat Minerals Corp.
Herb Brugh, President and Director
416.216.0964
www.nitinatminerals.com