Northern Shield Closes First Tranche of Financing
Northern Shield Closes First Tranche of
Financing
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
OTTAWA, ON
,
April 10, 2025
/CNW/ - Northern Shield Resources Inc. ("
Northern Shield
" or the
"
Company
") (TSXV: NRN) is pleased to announce that it has closed the first tranche of a multi-
faceted, non-brokered, private placement of 5,975,000 units for total proceeds of
$242,500
(the
"
Offering
").
Figure 1. 3D shell model of the magnetic low that underlies part of the Conquest Zone showing that
the Discovery Trench area that was successfully drilled in 2023 correlates to the top of one “branch”
of the much larger 3D model. (CNW Group/Northern Shield Resources Inc.)
The Offering was comprised of i) 5,625,000 units
("
Units
")
at
$0.04
per Unit with each Unit
consisting of one common share in the capital of the Company (a
"
Common Share
"
) and one
Common Share purchase warrant (a
"
Warrant
"
) for gross proceeds of
$225,000
with each Warrant
exercisable for one Common Share at a price of
$0.10
per share within 24 months of the closing and
ii) 350,000 flow-through units ("
Flow-Through Units
") at a price of
$0.05
per Flow-Through Unit for
aggregate gross proceeds of
$17,500
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
$0.125
per share within 24 months of the closing.
The proceeds will be used to fund a planned
3,000m
drilling program designed to test a large 3D
magnetic model with local, coincident IP chargeability anomalies that underlie part of the Conquest
Zone at Root & Cellar. Drilling in 2023, along with the extension of the Discovery Trench in 2024,
identified multiple occurrences of visible gold with grades of rock grab samples up to 78 g/t Au (see
Company News Release,
September 5, 2024
). A 3D model of the magnetic low that underlies part
of the Conquest Zone shows the Discovery Trench area that was successfully drilled in 2023 to be
the very top of an up-flow or feeder zone of an intact epithermal system. (Figure 1).
Closing of the Offering is subject to certain customary conditions, including, without limitation, final
approval of the TSX Venture Exchange ("
TSXV
"), and all of the securities issued under the Offering
will be subject to a four-month and one-day statutory hold period. The Company anticipates closing
an additional tranche in the next ten days.
None of the securities sold in connection with the Offering have or will be registered under
the United States Securities Act of 1933, as amended
(the "U.S. Securities Act")
or any
applicable state securities laws and may not be offered or sold to, or for the account or
benefit of, persons in
the United States
or "U.S. persons," as such term is defined in
Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption
from such 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.
Technical information in this news release was reviewed and approved by
Christine Vaillancourt
,
P.Geo., the Company's Chief Geologist and a Qualified Person under National Instrument 43-101.
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 find a Tier 1 asset,
near surface, and at relatively low cost. We implement a model driven exploration approach to
reduce the risk associated with early-stage projects for ourselves, our shareholders, and the
environment. This approach led us to option the Root & Cellar Property from a
Newfoundland
prospector, who discovered the mineralization, and then its advancement to a large gold-silver-
tellurium system.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the 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 news release
include, but are not limited to, statements with respect to the expectations of management regarding
the Offering, the expectations of management regarding the closing of additional tranches, the use
of proceeds of the Offering, closing conditions for the Offering, and TSXV 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 TSXV may not provide final approval of the Offering; the Company may be unable
to identify additional subscribers; 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 Units may not be renounced in
favour of the holders; the Company may be unable to satisfy all of the conditions to the closing
required by the TSXV. 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 to download multimedia:
http://www.newswire.ca/en/releases/archive/April2025/10/c0501.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 10-APR-25