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

To: Buckey who wrote (2791)	4/1/1999 7:38:00 AM
From: HiStakes	Read Replies (2) \| Respond to of 5821

The First Marathon $10 M Nuinsco financing was supposed to close today. I've heard a rumour that many subscribers to the deal have reneged on their commitments in light of the recent collapse in the price of the stock, and the financing is now in jeapardy. The closing date as been delayed. The $5 M "bought" component is guaranteed by First Marathon, and some of the major subscribers like Teck will not back out because they fancy themselves as, in their own words, "The Partner of Choice". For them to back out would cost them a lot more, in other terms, than the capital loss on NWI. In the end, Nuinsco may not end up with the full $10 M, but they will have more than $5 M. They may have to cut back on their ambitious exploration plans a bit. It may also be likely to end up in court as FM tries to extract the promised cash from the deadbeat subscribers. I predict that Lac Rocher will turn out to be a genuine discovery in the end, because even at this very early stage, everything's going haywire.