Nuinsco announces flow through deal

To finance exploration costs on a number of properties, Toronto- based Nuinsco Resources has reached a flow-through share financing agreement with Echo Bay Mines.

Under the agreement Nuinsco will sell 125,000 common treasury shares, on a flow-through basis to Echo Bay at $6.30 per share for a total consideration of $787,500.

The agreement which is subject to there being no change in the Canadian tax policy or legislation relating to flow-through shares which would adversely affect Echo Bay’s additional investment in Nuinsco, is set to close July 15.

According to Nuinsco President Douglas Hume, the proceeds, when added to ongoing exploration commitments, would increase Echo Bay’s investment in Nuinsco to 37.64%.