TORONTO, ONTARIO--(Marketwire - July 5, 2012) - Nitinat Minerals Corporation (the "Corporation") (TSX VENTURE:NZZ) is pleased to announce it has granted 500,000 stock options to its directors, officers and a consultant. Each option is exercisable at $0.20 per common share at any time until June 25, 2017.
The Corporation will also like to announce that it that it has negotiated a share for debt settlement with an arm's length creditor of the Corporation. The Corporation has agreed to issue an aggregate of 50,000 common shares to an arm's length party in exchange for the cancellation of $5,000 in debt owing to the creditor. The common shares are being issued at a deemed price of $0.12 per common share.
The debt settlement is subject to the approval of the TSX Venture Exchange.
Further to its press release of July 3, 2012, the Corporation wishes to correct certain information contained therein. The date of the letter of intent should have read July 2, 2012 instead of June 18, 2012 as stated in the press release. All other information in the press release remains unchanged.
This update contains "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward looking statements can be identified by the use of forward looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Nitinat is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward looking statements and Nitinat assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
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:
Victor Cantore
Director of the Corporation
514.831.3809
www.nitinatminerals.com