Northern Shield Closes Last Tranche of Private Placement
Northern Shield Closes Last Tranche of
Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
OTTAWA
,
March 4, 2019
/CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the
"Company") (TSXV: NRN) is pleased to announce that it has closed the final tranche of a financing
under the terms previously announced (the "Offering"). This tranche consisted of 4,133,333 units at
$0.055
per unit (each a "Unit") for aggregate gross proceeds of
$227,333
. Each Unit consists 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
$0.10
per share within 24 months of the closing of the Offering. The warrants are subject
to an acceleration clause whereby should the Common Shares close on the TSX Venture Exchange
(the "TSXV") for 20 consecutive trading days at a price equal to or more than
$0.25
, the Warrants
will expire 5 days thereafter. The Offering is subject to final approval of the TSX Venture Exchange.
The Common Shares and Warrants issued pursuant to the Offering are subject to a statutory hold
period of four months following closing. Proceeds of the Offering will be used for working capital
and for further exploration of the Company's properties.
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.
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 Company may 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/March2019/04/c3423.html
%SEDAR: 00007505E
For further information:
Ian Bliss, President and CEO, Tel.: (613) 232-0459, Fax: (613) 232-0760,
CO: Northern Shield Resources Inc.
CNW 16:30e 04-MAR-19