Northern Shield Closes $300,000 Private Placement with Mr. Rob McEwen
Northern Shield Closes $300,000 Private
Placement with Mr. Rob McEwen
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
OTTAWA
,
Jan. 28, 2020
/CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the
"Company") (TSXV: NRN) is pleased to announce that it has closed a non-brokered private
placement financing for proceeds of
$300,000
(the "
Private Placement
")
.
The Private Placement
consisted
of 3,333,333 units ("
Units
") at
$0.09
per Unit with each Unit comprised of one common
share in the capital of the Company (a "
Common Share
") and one-half of one Common Share
purchase warrant (a "
Warrant
"). Each whole Warrant is exercisable for one Common Share at a
price of
$0.18
per share for a period of 24 months from closing. Proceeds from the Offering will be
used for working capital purposes and exploration activities at the Shot Rock and Root & Cellar
properties.
"We are very pleased that our eastern Canadian low sulphidation, epithermal gold projects caught
the attention of Mr. McEwen. We are in the process of mobilizing a drill to Shot Rock in
Nova
Scotia
and should expect drill results by Q2/20. In addition, airborne geophysics is underway at
Root & Cellar in
Newfoundland
with the intent of getting this property to the drilling phase by the
second half of 2020."
Northern Shield President and CEO,
Ian Bliss
Closing of the Private Placement is subject to final approval of the TSX Venture Exchange. The
Company paid an aggregate of
$15,000
in finders fees and issued 166, 667 finders Warrants in
connection with the Private Placement. Securities issued under the Private Placement are subject to
restrictions on resale for a period of four months from the date of closing.
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 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.
None of the securities sold in connection with the Offering will be registered under the
United States Securities Act of 1933, as amended, and no such securities may be offered or
sold in
the United States
absent registration or an applicable exemption from the
registration requirements. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
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 information which is subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to differ from those
projected in the forward-looking statements. Forward looking statements in this press release but
are not limited to, statements with respect to the expectations of management regarding the use of
proceeds of the Private Placement, closing conditions and TSX Venture Exchange approval of the
Private Placement. These forward-looking statements are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to differ materially from
those projected in the forward-looking information. Risks that could change or prevent these
statements from coming to fruition include that the TSX Venture Exchange may not provide final
approval of the Private Placement; the proceeds of the Offering may not be used as stated in this
news release;; the Company may be unable to satisfy all of the conditions to closing imposed by
securities regulators. The forward-looking information contained herein is given as of the date
hereof and the Company assumes no responsibility to update or revise such information to reflect
new events or circumstances, except as required by law.
This news release also contains statements concerning the exploration plans, results and potential
for epithermal gold deposits, at the Company's
Nova Scotia
and
Newfoundland
properties, and
other expectations, plans, goals, objectives, assumptions, information or statements about future,
conditions, results of exploration or performance that may constitute forward-looking statements or
information under applicable securities legislation. Such forward-looking statements or information
are based on a number of assumptions, which may prove to be incorrect.
SOURCE
Northern Shield Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/January2020/28/c5662.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 08:30e 28-JAN-20