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Gold/Mining/Energy : Nuinsco Resources (NWI) -- Ignore unavailable to you. Want to Upgrade?

To: donkeyman who wrote (823)	2/11/1999 3:45:00 PM
From: Kent C.	Respond to of 5821

NWI - NEWS RELEASE Feb 11th: NUINSCO RAISES MAXIMUM $10 MILLION AS FINANCING CLOSES Nuinsco Resources Limited announced today that its underwriters, led by First Marathon Securities Limited and including Thomson Kernaghan & Co. Ltd., have sold the maximum amount of the Company's recently announced financing. Gross proceeds of $10 million were raised through the sale of five million special warrants at $2.00 each. H. Douglas Hume, President, said he is pleased by this vote of confidence, which allows the Company to maintain control of its highly-promising Lac Rocher project. The drill campaign at Lac Rocher will resume shortly. As previously announced, hole 99-1 intercepted 61.5m of 1.69% nickel, 0.49% copper and cobalt, platinum and palladium values. This intersection included 3.2m grading 10.8% Ni and is down plunge from previous favorable drilling results in the 1998 drill program. Of the total five million special warrants, 1.6 million were flow-through special warrants. Half of the gross proceeds were raised on a "bought deal" basis and the balance on a "best efforts" basis. The special warrants will be exchangeable into Nuinsco common shares on a one-for-one basis for no additional consideration. The offering will be cleared by a prospectus. In the event a receipt for the prospectus is not received within 120 days of closing, purchasers, other than purchasers of the flow-through special warrants, will receive 1.09 common shares per special warrant. Net proceeds from this financing will be used for exploration and development of Nuinsco's Lac Rocher and Rainy River properties and general corporate purposes. Nuinsco Resources Limited is an exploration and development company with projects in northwestern Ontario (Rainy River) and northwestern Quebec (Lac Rocher). Both properties are 100% owned by Nuinsco. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI. U.S. S.E.C. exemption: 12g3-2(b)#82-1846. These securities have not been and will not be registered under the U.S. Securities Act of 1933. This press release shall not constitute an offer to sell the solicitation of an offer to buy these securities in the United States. FOR FURTHER INFORMATION PLEASE CONTACT: H. Douglas Hume, Nuinsco President: (416) 626-0470 Cathy Hume or Olav Svela Hume, Kieran Inc., Investor Relations: (416) 868-1079