Northern Shield Closes First Tranche of Private Placement
Northern Shield Closes First Tranche of
Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
OTTAWA
,
June 20, 2019
/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 financing (the "
Offering
") of both units, 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 a "Unit") and Common Shares issued on a flow-through
basis within the meaning of the
Income Tax Act
(
Canada
) (each a "
Flow-Through Share
"). The
Company is offering Units at
$0.08
per unit and the Flow-Through Shares at
$0.12
per share. The
Offering is subject to the approval of the TSX Venture Exchange.
The first tranche consisted of 420,000 Flow-Through Shares and 3,800,000 Units for gross
proceeds of
$50,000
and
$288,000
, respectively. All securities issued under the Offering are
subject to a statutory four month hold from the date of closing of the Offering.
All the proceeds of the sale of the Flow-Through Shares will be used to incur Qualifying Expenditures
at the Company's gold projects in the Provinces of
Nova Scotia
and
Newfoundland
, prior to
December 31
, 2020. The Corporation will renounce the Qualifying Expenditures to subscribers of
the Flow-Through Shares for the fiscal year ended
December 31, 2019
.
This Offering was facilitated primarily through the proprietary DealMaker™ software and Northern is
delighted to offer this innovative service to its investors.
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
proposed Offering, the expectations of management regarding the use of proceeds of the Offering,
closing conditions for the Offering, and Exchange approval of the proposed 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 Company may not complete the Offering on terms favorable to the Company or at all; the
Exchange may not approve 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 Shares may not be
renounced in favour of the FT Share holders; the Company ma be unable to satisfy all of the
conditions to the closing. 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/June2019/20/c0955.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 08:45e 20-JUN-19