Northern Shield Closes Private Placement for Gross Proceeds of $712,000 /NOT FOR DISTRIBUTION TO

Northern Shield Closes Private Placement for

Gross Proceeds of $712,000

/NOT FOR DISTRIBUTION TO

UNITED STATES

NEWSWIRE SERVICES OR FOR

DISSEMINATION IN

THE UNITED STATES

/

OTTAWA, ON

,

Sept. 29, 2021

/CNW/ - Northern Shield Resources Inc. (

"Northern Shield"

or the

"Company"

) (TSXV: NRN) is pleased to announce that it has closed the second and final tranche of

a multi-faceted, non-brokered private placement financing for

$412,000

(the "Offering") bringing the

aggregate proceeds from both tranches to

$712,000

(see press release dated

September 28, 2021

for terms the first tranche).

This tranche of the Offering was comprised of 6,437,501 flow-through units ("

Flow-through Units

")

at

$0.064

per unit for aggregate gross proceeds of

$412,000

, with each Flow-Through Unit

comprised of one common share in the capital of the Company and one-half of one common share

purchase warrant (each a "

Warrant

") each issued on a flow-through basis within the meaning of the

Income Tax Act

(

Canada

). Each whole Warrant is exercisable for one common share at a price of

$0.10

per share for a period of 24 months from closing, subject to acceleration in certain

circumstances. Proceeds from the Offering will be used primarily to incur eligible exploration

expenses at the Root & Cellar Property.

The Company paid

$3,840

in finders fees and issued

80,000 finders Warrants in connection with this 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, 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

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/September2021/29/c2079.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 29-SEP-21