Northern Shield Announces Extension of Second Tranche Warrants
Northern Shield Announces Extension of
Second Tranche Warrants
OTTAWA, ON
,
Dec. 7, 2021
/CNW/ - Further to its press release dated
November 30, 2021
(the
"
First Press Release
"), Northern Shield Resources Inc.("
Northern Shield
" or the "
Company
")
(TSXV: NRN) announces that it intends to extend the exercise period of a further 2,050,001 share
purchase warrants, all of which are exercisable at
$0.10
per common share (collectively, the
"
Warrants
"). The Warrants were issued pursuant to a private placement which closed in two
tranches in December of 2019, with the first tranche closing on
December 9, 2019
(the "
First
Tranche
") (with the applicable warrant extensions announced in the First Press Release) and the
second tranche closing on
December 17, 2019
(the "
Second Tranche
"). The Company proposes to
extend the expiry dates for these Second Tranche Warrants by six months (as it did for the First
Tranche warrants) and accordingly, the new expiry dates for the Warrants will be
June 17, 2022
.
All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject
to acceptance by the TSX Venture Exchange.
As disclosed in the First Press Release, a total of 1,087,963 Warrants are held by parties who are
considered to be "related parties" of the Company (the "
Related Party Warrants
"). All of the
Related Party Warrants were issued in the First Tranche. The amendment of the Warrant terms
may constitute a "related party transaction" as contemplated by Multilateral Instrument 61-101
Protection of Minority Shareholders in Special Transactions
, and TSXV Policy 5.9 - Protection of
Minority Shareholders in Special Transactions. However, exemptions from formal valuation and
minority approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 can be relied
on by the Company as neither the fair market value of the subject matter of, nor the fair market
value of the consideration for, the Warrants, insofar as it involved related parties, exceeded 25% of
the Company's market capitalization. A material change report in respect of this related party
transaction will be filed by the Company in due course.
About Northern
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 programs using a model driven approach. Seabourne Resources
Inc. is a wholly-owned subsidiary of Northern Shield focussing on epithermal gold and related
deposits in
Atlantic Canada
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements, which relate to future events or future
performance and reflect management's current expectations and assumptions, including the
acceptance of the extension to the term of the warrants by the TSX Venture Exchange. Such
forward-looking statements reflect management's current beliefs and are based on assumptions
made by and information currently available to the Company. Investors are cautioned that these
forward looking statements are neither promises nor guarantees, and are subject to risks and
uncertainties that may cause future results to differ materially from those expected. These forward-
looking statements are made as of the date hereof and, except as required under applicable
securities legislation, the Company does not assume any obligation to update or revise them to
reflect new events or circumstances except as required by applicable law. All of the forward-
looking statements made in this press release are qualified by these cautionary statements and by
those made in our filings with SEDAR in
Canada
(available at
www.sedar.com
).
SOURCE
Northern Shield Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/December2021/07/c6349.html
%SEDAR: 00007505E
For further information:
Northern Shield Resources Inc., Ian Bliss, President and CEO, Tel.: (613)
232-0459, Fax: (613) 232-0760, [email protected]
CO: Northern Shield Resources Inc.
CNW 08:00e 07-DEC-21