Nuinsco makes rights offering

A rights offering has been made to Nuinsco Resources (TSE) shareholders residing in Ontario, Quebec, British Columbia and Alberta.

Deak International Resources Holdings, which holds 8.4 million Nuinsco shares, has agreed to waive its entitlement to receive rights in connection with the offering and is willing to distribute to various persons or entities the shares that it holds.

As a result of the above adjustment, one right per share (or 13.9 million rights) will be issued to shareholders, enabling them to subscribe for 5.6 million common shares. Two and a half rights plus 50 cents will entitle the holder to buy one Nuinsco share. The record date for the offering is Aug. 22, 1994, and the expiry date is Sept. 14. Total Nuinsco shares issued as of the record date are 22.3 million.

Proceeds will be not less than $500,000 nor more than $2.8 million, before expenses.