Northern Shield Closes Financing

Northern Shield Closes Financing

/NOT FOR DISTRIBUTION TO

UNITED STATES

NEWSWIRE SERVICES OR FOR

DISSEMINATION IN

THE UNITED STATES

/

OTTAWA, ON

,

Dec. 29, 2023

/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 of 1,000,000 units for total proceeds of

$50,000

(the

"Offering"

).

The Offering was comprised of 1,000,000 flow-through units ("

Flow-Through Units

") at a price of

$0.05

per Flow-Through Unit for aggregate gross proceeds of

$50,000

with each Flow-Through Unit

consisting of one Common Share issued on a flow-through basis within the meaning of the

Income

Tax Act

(

Canada

) and one-half of one Common Share purchase warrant (a

"FT Warrant"

). Each

whole FT Warrant is exercisable for one Common Share at a price of

$0.10

per share within 24

months of the closing. Proceeds from the Offering will be used to incur eligible exploration expenses

at the Root & Cellar Property, primarily at the Drop Zone.

Securities issued under the Offering are subject to restrictions on resale for a period of four months

and a day from the date of closing. The Offering is subject to final approval of the TSX Venture

Exchange.

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.

About Northern Shield Resources

Northern Shield Resources Inc. is a Canadian-based company, known as a leader in generating

high-quality exploration targets, that views greenfield exploration as an opportunity to discover a

near surface, tier one asset, at relatively low cost. We implement a model driven approach in

exploration to reduce risks associated with early-stage projects for ourselves, our shareholders, and

the environment. This approach is what led to the discovery of an alkaline-related gold-silver-

tellurium and porphyry copper system at the Root & Cellar Project in

Newfoundland

.

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

Offering, the expectations of management regarding the use of proceeds of the Offering and the

participations of insiders, closing conditions for the Offering, and TSX Venture Exchange final

approval of the Offering. 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 the TSX Venture Exchange may not provide final approval

of the Offering; the proceeds of the Offering may not be used as stated in this news release; the

funds raised from the sale of the flow-through Common Shares may not be renounced in favour of

the holders; and the Company may be unable to satisfy all of the conditions to the closing required

by the TSX Venture Exchange. 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

SOURCE

Northern Shield Resources Inc.

View original content:

http://www.newswire.ca/en/releases/archive/December2023/29/c4270.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 16:30e 29-DEC-23