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Nuinsco Resources Announces Closing of Private Placement and Continuation of Exploration at the Sunbeam Gold Project
TORONTO, ON / ACCESSWIRE / January 4, 2021 / Nuinsco Resources Limited ("Nuinsco" or "the Company") (CSE:NWI) today announced that between October 8 and Decembe
About this update from Nuinsco Resources Limited
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / January 4, 2021 / Nuinsco Resources Limited (\"Nuinsco\" or \"the Company\") (CSE:NWI) today announced that between October 8 and December 31, 2020 it closed a non-brokered private placement offering (the \"Offering\") in several tranches, issuing 13,850,000 flow-through common shares at a price of $0.01 for gross proceeds of $138,500 and 4,500,000 units at a price of $0.01, as defined below, for gross proceeds of $45,000. The flow-through proceeds have been used to conduct a geophysical survey on the Sunbeam gold property (the \"Property\"), a high-grade gold project located near the town of Atikokan, northwestern Ontario. The geophysical survey expanded induced polarization and magnetic coverage to the east and west of a detailed survey done in 2018 over the past-producing Sunbeam Mine. Induced polarization coverage now covers a continuous strike length of approximately three kilometres along the Sunbeam gold mineralized lineament that is known to host three of at least 12 gold occurrences encompassed by the claim group, namely the Sunbeam Mine, the AL198 showing and the Road showing. Results and interpretation from the survey are awaited. Each unit consists of one common share of the Company (a \"Common Share\") and a one Common Share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to acquire one additional Common Share (a \"Warrant Share\") for a period of twenty-four (24) months from the date of closing of the Offering at an exercise price of $0.05 per Warrant Share. All securities issued pursuant to the Offering are subject to a statutory hold period of four months from the closing date in accordance with applicable securities legislation. Proceeds will be used for exploration on the Company's Canadian exploration properties and for general corporate purposes. About Nuinsco Resources Limited Nuinsco Resources has over 45 years of exploration success and is a growth oriented, multi-commodity mineral exploration and development company focused on prospective opportunities in Canada and internationally. Currently the Company has two properties in Ontario - the high-grade Sunbeam gold prospect near Atikokan and the large, multi-commodity (rare-earths, niobium, tantalum, phosphorus) Prairie Lake project near Terrace Bay. In addition, Nuinsco has recently completed an agreem...