Nuinsco Resources Ltd. (NWI.TO) announced the closing of a further tranche of its non-brokered private placement for up to 22.22 million units at a price of $0.09 per unit for gross proceeds of up to $2 million. The company said an aggregate of 11.11 million Flow-Through Units were sold for gross proceeds of $999,999.81 to the MineralFields Group.
Nuinsco paid a cash finder's fee of 6% of the gross proceeds from the sale of the 11.11 million Flow-Through Units and issued an aggregate of 666,666 finder warrants, each such finder warrant entitling the holder thereof to buy one common share at a price of $0.15 for a period of 24 months from the private placement closing.
The company stated that the funds from the Private Placement will be used for exploration on the Diabase Peninsula uranium project in Saskatchewan's Athabasca Basin and its other projects in Canada.
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