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TORONTO, ONTARIO--(Marketwire - Aug. 4, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) today announced the closing of two tranches of a non-brokered private placement financing of 7,391,365 flow-through units at a subscription price of $0.15 per flow-through unit. The Company raised gross proceeds of $1,108,704.75. The two tranches occurred on July 29, 2011 and on August 3, 2011.
Each flow-through unit (each, a "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 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 representing approximately 5.7% of the private placement.
In connection with the private placement, the Company has paid an aggregate cash finder fee of $43,374.75 and issued an aggregate of 289,165 finder warrants (each, a "Finder Warrant"). Each Finder Warrant entitles the holder thereof to acquire one common share of the Company at an exercise price of $0.15 for a period of 24 months.
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
ORJuliet Heading
CHF Investor Relations
416.868.1079 X 239
416.868.6198 (FAX)
juliet@chfir.com
