Northern Shield Closes Private Placement
Northern Shield Closes Private Placement
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
OTTAWA, ON
,
Jan. 15, 2025
/CNW/ - Northern Shield Resources Inc. ("
Northern Shield
" or the
"
Company
") (TSX-V: NRN) announces that due to regulatory filing timelines, it has closed the non-
brokered private placement financing announced on
December 11, 2024
, for gross proceeds of
$100,000
(the "
Offering
").
The Offering consisted of 2,500,000 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
"). Each Warrant is exercisable for one Common Share at a price of
$0.10
within 24 months of the closing. Proceeds from this Offering, along with a flow-through
offering completed at the end of 2024 for aggregate combined proceeds of
$500,000
, will be used
primarily for working capital purposes and to complete further exploration at the Company's Root &
Cellar Property. It is expected that an additional offering under similar terms, will commence shortly.
A Director of the Company, Mr.
Russell M. Richards
, acquired all 2,500,000 Units for proceeds of
$100,000
. The issuance of securities to Mr. Richards (the "
Insider Participation
") constitutes a
related party transaction within the meaning of TSX Venture Exchange ("
TSXV
") Policy 5.9 and
Multilateral Instrument 61-101 -
Protections of Minority Security Holders in Special
Transactions
("
MI 61-101
"). For additional details regarding the Insider Participation, please see the
Company's press release dated
December 11, 2024
.
Further details regarding the Offering will be included in a material change report to be filed by the
Company in due course. 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.
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 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 and copper porphyry system.
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
include, but are not limited to, statements with respect to the expectations of management regarding
the Offering and the expectations of management regarding the use of proceeds 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 proceeds of the Offering may not be used as stated in this news release. 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/January2025/15/c3436.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 15-JAN-25