Nuinsco Resources To Issue Rights, Four Of Which Will Get A Share + 1/2 Warrant For A Nickel

Nuinsco Resources Ltd. has announced the terms of a rights offering. Said rights will be issued to every shareholder of record as of March 24th, one per share held. Four rights will entitle the holder of them to purchase one unit for a nickel. Each unit contains a common share of Nuinsco and half a purchase warrant, with exercise price of 10 cents. The warrants cannot be exercised until April 23, 2010, and they expire on April 23, 2011. The rights will expire on April 23rd of this year. More details are available in the news release announcing the offering. The proceeds of the offering will be used to pay down a bridge loan and for "general corporate purposes."

As of the time of this post, Nuinsco's shares are at 5 cents, unchanged on the day. The bid-ask spread is currently lower, though: 4 cents bid, 4.5 cents asked.

The company's Google Finance web page is here.

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