TORONTO, ONTARIO--(Marketwired - Feb. 24, 2015) - Nitinat Minerals Corporation ("Nitinat" or the "Company") (TSX VENTURE:NZZ) would like to announce that it will be proceeding with its previously announced non-brokered private placement.
As disclosed in its press release of November 12, 2014, the Company intends to raise gross proceeds of up to $125,000 through a non-brokered private placement of up to 2.5 million units (the "Units") of the Company at a price of $0.05 per Unit. Each Unit will consist of one (1) common share and one (1) common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one common share at a price of $0.10 for a period of two (2) years from date of issuance. A finder's fee may be paid by the Company in connection with the private placement.
The securities being issued in the private placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
Nitinat intends to use the net proceeds for general working capital.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.