Northern Shield Closes First Tranche of Private Placement for $300,000 /NOT FOR DISTRIBUTION TO
Northern Shield Closes First Tranche of
Private Placement for $300,000
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
OTTAWA, ON
,
Sept. 28, 2021
/CNW/ - Northern Shield Resources Inc. ("
Northern Shield
" or the
"
Company
") (TSX-V: NRN) is pleased to announce that it has closed the first tranche of a multi-
faceted, non-brokered private placement financing for aggregate proceeds of
$300,000
(the
"
Offering
").
The first tranche of the Offering was comprised of 5,000,000 common shares in the capital of the
Company at a price of
$0.06
per share for aggregate gross proceeds of
$300,000
. The common
shares were issued on a flow-through basis within the meaning of the
Income Tax Act
(
Canada
).
The second and final tranche of the Private Placement is expected to close imminently.
Proceeds from the offering will be used to incur eligible exploration expenses at the Shot Rock and
Root & Cellar Properties. The Company paid an aggregate of
$12,000
in finders fees and issued
200,000 finders Warrants in connection with the Offering.
Securities issued under the Offering are subject to restrictions on resale for a period of four months
from the date of closing. The Offering is subject to final approval of the TSX Venture Exchange.
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
.
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
Offering, the expectations of management regarding the use of proceeds of the Offering, closing
conditions for the Offering, the liklihood of closing the final tranche 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 Company may not complete the Offering on terms
favorable to the Company or at all; 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 Shares 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 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/September2021/28/c5745.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 28-SEP-21