TORONTO, ONTARIO--(Marketwire - March 13, 2012) - Nuinsco Resources Limited ("Nuinsco" or the "Company") (News - Market indicators) (www.nuinsco.ca) announced today that, further to its press release dated February 21, 2012, it has completed a non-brokered private placement of an aggregate of 7,098,000 flow-through units (each, a "Unit") at a subscription price of $0.14 per Unit (the "Offering"). The Offering was completed in three tranches, with the Company issuing 6,821,500 Units on February 24, 2012, 276,500 Units on March 12, 2012 and 44,858 Units on March 13, 2012, for aggregate gross proceeds of approximately $1,000,000.
Each Unit consisted 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 18 months from the issue date.
The Company has also issued 409,290 finder warrants (each, a "Finder Warrant") in connection with certain subscriptions under the Offering, of which 405,000 were issued to Secutor Capital Management Corp. Each Finder Warrant entitles the holder to acquire one common share of the Company at a price of $0.14 per share for a period of 18 months from the issue date.
Proceeds of the private placement will be used for "Canadian exploration expenses" as defined in the Income Tax Act (Canada), as amended.
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 and Egypt. 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.
Forward-Looking Information: This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information including the expected use of proceeds. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from estimates and assumptions; uncertainties relating to the availability and costs of financing needed in the future; failure to establish estimated mineral resources; fluctuations in commodity prices and currency exchange rates; inflation; recoveries being less than those indicated by the testwork carried out to date (there can be no assurance that recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production); changes in equity markets; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company's activities; the uncertainties involved in interpreting geological data; and the other risks disclosed under the heading "Risks and Uncertainties" and elsewhere in the Company's annual information form dated November 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
