Northern Frontier Corp. Announces $10 Million Bought Deal Equity Offering of Units and Implementation of Dividend Policy

About this update from 55 North Mining Inc.

[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Nov. 27, 2013 /CNW/ - Northern Frontier Corp. (TSX-V: FFF) (the\n \"Corporation\" or \"Northern Frontier\") is pleased to announce that it has entered into an agreement with a\n syndicate of underwriters led by Acumen Capital Finance Partners\n Limited and including GMP Securities L.P. (collectively, the \"Underwriters\"), which have agreed to purchase, on a bought deal basis, 2,900,000\n units (the \"Units\") of the Corporation, comprised of one common share of the Corporation\n (\"Common Share\") and one-half of one warrant of the Corporation, at a price of $3.50\n per Unit for aggregate gross proceeds of $10,150,000 (the \"Offering\"). Each whole warrant (a \"Warrant\") will entitle the holder to acquire one common share of the\n Corporation (a \"Warrant Share\") at a price of $4.00 per Warrant Share on or before March 27, 2015.\n\n\nNorthern Frontier has also granted the Underwriters an option (the \"Over-Allotment Option\") to purchase up to 435,000 additional Units exercisable on, or for a\n period of 30 days following, the date of closing of the Offering to\n cover over-allotments, if any.\n\n\nThe net proceeds of the Offering will be used by the Corporation to:\n\n\n\nfulfill its customers' demand for the Corporation's services through the\n purchase of additional equipment; and\n\n\n\n\nfor general corporate purposes.\n\n\n\nThe Units will be offered by way of a short form prospectus to be filed\n in Alberta, British Columbia, Saskatchewan, Manitoba and Ontario and\n such other provinces and territories (excluding Québec) as the\n Corporation and the Underwriters may agree. Closing of the Offering is\n expected to occur on or about December 17, 2013 and is subject to\n certain conditions including, but not limited to, the receipt of all\n necessary approvals including the approval of the TSX Venture Exchange.\n\n\nDividend Policy\n\n\nNorthern Frontier is also pleased to announce that as part of the\n Corporation's long term strategy to maximize shareholder value, the\n board of directors has approved the implementation of a new quarterly\n dividend policy (the \"Dividend Policy\") contingent upon the closing of the Offering.  Pursuant to the\n proposed Dividend Policy:\n\n\n\nCommencing in...

More updates from 55 North Mining Inc.