Nitinat Completes Debt Conversion
TORONTO, ONTARIO--(Marketwired - Jun 10, 2016) - Nitinat Minerals Corp. ("Nitinat" or the "Corporation") (TSX VENTURE:NZZ) would like to announce that, further to its press release of March 21, 2016, it has issued an aggregate of 4,627,320 common shares (the "Shares") and 3,703,500 common share purchase warrants (the "Warrants") in exchange for the cancellation of an aggregate of $231,366 in debt. Each Warrant entitles the holder thereof to acquire one (1) common share of the Corporation at an exercise price of $0.075 per share at any time until close of business on May 26, 2018.
An aggregate of 3,247,000 Shares and Warrants are subject to resale restrictions over a period 12 months with release dates of September 27, 2016, November 26, 2016, February 27, 2017 and May 26, 2017. The remaining 1,380,320 Shares and 456,500 Warrants subject to a statutory four month hold period expiring on September 27, 2016.
In addition, the issuance of an aggregate of 2,707,500 Shares for the cancellation of an aggregate of $135,375 in debt is subject to shareholder approval. The Corporation has called a shareholders' meeting for July 28, 2016 to approve, among other things, the issuance of the 2,707,500 Shares.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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 of the Corporation
416.216.0964
www.nitinatminerals.com