Nuinsco Resources (NWI-T) will issue shares to Western Troy Capital Resources (WRY-A) in exchange for the latter’s 4.9% interest in Nuinsco’s Rainy River property, near Fort Frances, Ont.
Subject to the approval of securities regulators, Western Troy will receive 1.1 million shares of Nuinsco, which, in turn, will retain its 4.9% interest in Western Troy’s nearby properties.
Western Troy also plans an offering of units, each of which will consist of one share, two flow-through shares and half a purchase warrant exercisable for 18 months. If the issue is fully subscribed, proceeds are expected to total $1.5 million.
Western Troy plans to carry out bulk sampling on its project, while Nuinsco has drilling under way.
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