Nitinat Minerals Corporation

November 06, 2009 11:03 ET

Nitinat Minerals Corporation Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2009) - Nitinat Minerals Corporation (the "Company") is pleased to announce that it has completed a non-brokered private placement (the "Private Placement") of an aggregate of 25,000 units (each, a "Unit") at the price of $0.40 per Unit for total gross proceeds of $10,000 to two (2) non arm's length parties. Each Unit is comprised of one common share of the Company and one-half of one Series A common share purchase warrant (a "Series A Warrant"). Each whole Series A Warrant will entitle the holder to purchase one additional common share of the Company at $0.60 per share until November 5, 2010.

Under the Private Placement, 12,500 Units were subscribed for by Vernon Briggs, a director of the Company, and 12,500 Units were subscribed for by Herbert Brugh, the secretary of the Company. Messieurs Brugh and Briggs completed the Private Placement in order to satisfy one of TSX Venture Exchange's listing conditions.

The securities issued pursuant to the Private Placement are subject to a four-month hold period which expires on March 6, 2010.

Net proceeds from the sale of the Units under the Private Placement are intended to be used for the exploration of the Company's Jasper property.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nitinat Minerals Corporation
    Wayne Isaacs
    President, Director
    (416) 363-3582