VANCOUVER, July 2 /CNW/ - Nanika Resources Inc. (TSX-V: NKA and FSE: C7X) today announces a non-brokered flow-through private placement to raise gross proceeds of up to $600,000.00 The flow-through private placement will involve the sale of up to ten million flow-through units at the price of $0.06 per unit.
The flow-through units will be comprised of one flow-through share and one warrant.
All warrants may be exercised to purchase one additional non-flow-through common share at a price of 12 cents per common share in the first twelve months and 14 cents in the subsequent twelve months.
Units will be offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation.
Nanika will pay a finder's fee to dealers, limited market dealers and other arm's-length third parties equal to 10 per cent of the gross proceeds realized from the sales made to purchasers referred to Nanika by a finder payable in cash.
Securities issued in this private placement will be subject to a hold period of four months and a day from the date of issuance of the securities.
The private placement offering is subject to acceptance by the TSX Venture Exchange.
About Nanika Resources Inc.
Nanika Resources Inc. is a TSX Venture listed mineral exploration and development company focusing on the advancement of its mineral properties, all of which are located within Canada.
On Behalf of the Board,
James D. Jacuta,
Chairman, President and CEO.
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Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
SOURCE NANIKA RESOURCES INC.
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