Emerging nickel producer Diamond Fields Resources (TSE) can earn a 51% participating interest in Nuinsco Resources’ (TSE) Rainy River claims in northwestern Ontario.
Diamond Fields intends to buy 2 million Nuinsco shares at $1.11 each and receive warrants that will entitle it to buy another 2 million shares at $1.25 each. The warrants are exercisable for one year from the closing date.
In addition, Diamond Fields can earn a 51% participating interest in Nuinsco’s Rainy River property by producing a bankable feasibility study of any deposit identified by Nuinsco as potentially commercial.
Recently, Nuinsco announced an ore-grade intersection of copper, nickel, cobalt, gold and platinum group elements from a hole drilled on the Rainy River property.
Nuinsco will use the funds raised from the transaction to accelerate exploration at Rainy River.
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