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Northern Shield Closes First Tranche of Private Placement for $1,278,796

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Northern Shield Closes First Tranche of Private Placement for $1,278,796

 

 

 

 

 

Northern Shield Resources Inc. (TSX-V: NRN) is pleased to announce that it has closed the first tranche of a multi-faceted, non-brokered private placement financing of 23,742,594 common shares on a non-flow-through and flow-through basis for total proceeds of $1,278,796.

 

The initial tranche was comprised of i) 14,575,926 units at $0.05 per unit for aggregate gross proceeds of $728,796.  Each unit consists of one common share in the capital of the Company  and one-half of one Common Share purchase warrant. Each whole Warrant is exercisable for one Common Share at a price of $0.10 per Common Share within 24 months of the closing of the Offering; and ii) 9,166,668 Common Shares issued on a flow-through basis within the meaning of the Income Tax Act (Canada) at a price of $0.06 per Flow-Through Share, for aggregate gross proceeds of $550,000.  Proceeds from the offering will be used for working capital purposes and to incur eligible exploration expenses at the Shot Rock and Root & Cellar Properties.

 

The Offering is subject to final approval of the TSX Venture Exchange. The Company paid an aggregate of $40,000 in finders fees in connection with this tranche. The Company anticipates closing a second tranche next week.  Securities issued under the Offering are subject to restrictions on resale for a period of four months from the date of closing.

 

About Northern Shield Resources

Northern Shield Resources Inc. is a Canadian-based company focused on generating high-quality exploration programs with experience in many geological terranes. It is known as a leader in executing grass roots exploration program for Ni-Cu-PGEs and utilizing expertise and innovation toward working on other deposit types. Seabourne Resources Inc. is a wholly-owned subsidiary of Northern Shield focussing on epithermal gold and related deposits in Atlantic Canada and elsewhere.

 

Posted December 9, 2019

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