Nuinsco Resources Limited Completes Flow-Through Financing
TORONTO, ONTARIO -- (Marketwire) -- 08/30/11 -- Nuinsco Resources Limited ('Nuinsco' or the 'Company') (TSX: NWI) (www.nuinsco.ca) announced today that, further to its press release dated August 4, 2011, it has completed the balance of its non-brokered private placement financing by issuing 2,608,635 flow-through units (each, a 'Unit') at a subscription price of $0.15 per Unit. The Company has issued a total of 10,000,000 Units, raising aggregate gross proceeds of approximately $1,500,000 (the 'Offering').The three tranches comprising the Offering occurred on July 29, 2011, August 3, 2011, and August 30, 2011.
Each Unit consists of one common share of the Company and one-half of one warrant (each whole warrant, a 'Warrant'), each issued on a 'flow-through' basis pursuant to the Income Tax Act (Canada). Each Warrant entitles the holder thereof to purchase one (non-flow-through) common share of the Company at an exercise price of $0.20 per share for a period of 24 months.
Insiders of the Company purchased an aggregate of 419,999 Units in the earlier tranches, representing approximately 4.19% of the total Offering.
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada, Turkey, Egypt and Sudan. In addition to its property holdings, Nuinsco owns common shares in Coventry Resources Limited (ASX: CVY) and Victory Nickel Inc. (TSX: NI). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
Please visit the Company's website at www.nuinsco.ca. Should you wish to receive Company news via email, please email juliet@chfir.com and specify 'Nuinsco Resources' in the subject line.
Contacts:
Nuinsco Resources Limited
Rene Galipeau
416.626.0470
416.626.0890 (FAX)
admin@nuinsco.ca
www.nuinsco.ca
CHF Investor Relations
Juliet Heading
416.868.1079 X 239
416.868.6198 (FAX)
juliet@chfir.com