Business
Northern Frontier Corp. Announces the Release of its Third Quarter Financial Results and Corporate Milestones Accomplished
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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. 29, 2013 /CNW/ - Northern Frontier Corp. (TSX-V: FFF) (the\n \"Corporation\" or \"Northern Frontier\") today announced its operating and financial results for the third\n quarter of fiscal 2013. The Corporation's condensed interim\n consolidated financial statements and management's discussion and\n analysis (\"MD&A\") can be viewed on SEDAR at www.sedar.com. All financial information is prepared in accordance with International\n Financial Reporting Standards (\"IFRS\") and all dollar amounts are expressed in Canadian dollars unless\n otherwise indicated.\n\n\nNorthern Frontier achieved several key strategic milestones during the\n quarter including (refer to the Corporation's news release dated\n September 27, 2013 for additional details):\n\n\n\nthe closing of an equity offering for $18.3 million;\n\n\n\n\nthe establishment of a $42.0 million senior credit facility;\n\n\n\n\nthe establishment of a $12.0 million subordinated credit facility;\n\n\n\n\nthe closing of the acquisition the NEC Group and CRC assets for $56.0\n million (the \"Acquisition\");\n\n\n\n\ncompletion of the Corporation's qualifying transaction as a capital pool\n company; and\n\n\n\n\nthe reclassification of the Corporation as a Tier 1 issuer on the TSX\n Venture Exchange.\n\n\n\nPresident and CEO Chris Yellowega commented, \"during the third quarter\n we took several significant steps towards realizing our vision of\n creating a diverse maintenance, logistics and civil services business\n for the industrial energy industry. The NEC Group Acquisition provides\n a solid platform for us to launch our strategy and initiate our growth\n plans.\"\n\n\nThe Acquisition\n\n\nOn a trailing twelve month basis, with assumed pro forma fully loaded\n public costs for the same period, the Corporation estimates that it\n completed the Acquisition and related financings for the equivalent of\n 3.75 times the adjusted earnings before interest, taxes, depreciation\n and amortization (\"EBITDA\"). EBITDA is a non-GAAP financial measure, refer to the \"Non-GAAP Measures\" section of the Corporation's MD&A and Final Long Form Prospectus dated\n September 4, 2013 for details.\n\n\nThe Acquisition was completed on September 27, 2013, as such the\...