Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

October 03, 2007 16:37 ET

Nuinsco Resources Limited Issues Early Warning Report Pursuant to National Instrument 62-103 Regarding Campbell Resources Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2007) - Nuinsco Resources Limited ("Nuinsco") (TSX:NWI)(www.nuinsco.ca), announces that on September 26, 2007 it exercised warrants to purchase 4,000,000 common shares of Campbell Resources Inc. ("Campbell") (TSX:CCH) at $0.10 per common share (the "Warrant Exercise").

Prior to the Warrant Exercise, Nuinsco owned 37,650,000 common shares of Campbell, representing 9.19% of the outstanding common shares of Campbell. Nuinsco also held a total of 67,807,429 warrants to purchase common shares of Campbell at $0.10 per common share, 31,250,000 warrants entitling the Company to purchase 15,625,000 common shares at $0.15 per share, and a convertible debenture (the "Debenture") in the principal amount of $2,000,000. The Debenture is convertible into units (the "Units") of Campbell at a price of $0.13 per Unit. Each Unit is exercisable into one common share of Campbell and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share of Campbell at a price of $0.16 per common share for a period of 24 months from the date of closing. The maximum number of common shares of Campbell issuable to Nuinsco on conversion of the Debenture and exercise of the Warrant is 23,076,922 common shares. Prior to the Warrant Exercise and if Nuinsco were to exercise all of its convertible securities, Nuinsco would hold approximately 144,159,351 common shares of Campbell, representing approximately 28% of the outstanding common shares of Campbell, calculated on a partially diluted basis assuming the exercise of all of the convertible securities held by Nuinsco only (but not the exercise of any other securities convertible into common shares of Campbell held by any other holder).

After giving effect to the Warrant Exercise, Nuinsco holds 41,650,000 common shares of Campbell, representing 10.08% of the outstanding common shares of Campbell, and convertible securities entitling it to purchase an additional 102,509,351 common shares of Campbell. If Nuinsco were to convert the Debenture into Units and exercise all of the outstanding warrants then held by it (including the Warrants), Nuinsco would own an aggregate of 144,159,351 common shares of Campbell, representing approximately 28% of the outstanding common shares of Campbell, calculated on a partially diluted basis assuming the exercise of all of the convertible securities held by Nuinsco only (but not the exercise of any other securities convertible into common shares of Campbell held by any other holder).

The Campbell securities held by Nuinsco were acquired for investment purposes. Nuinsco may from time to time acquire additional securities of Campbell, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.

In addition to its equity interest in Campbell, Nuinsco owns 50% of the high-grade Corner Bay copper project near Campbell's Copper Rand mine and mill in Chibougamau, Quebec. Corner Bay is currently being developed by Campbell, with first ore expected in October, and will be Nuinsco's first operating mine.

About Nuinsco Resources

Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is prepared for production and focused on growth through nickel, uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada and Turkey. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

For further information or to request a copy of the report filed by Nuinsco with the various securities commissions, please contact: Sean Stokes or Rene Galipeau, (416) 626-0470, admin@nuinsco.ca.

Contact Information

  • Nuinsco Resources Limited
    Sean Stokes
    (416) 626-0470
    or
    Nuinsco Resources Limited
    Rene Galipeau
    (416) 626-0470
    Email: admin@nuinsco.ca
    Website: www.nuinsco.ca