Business
Northern Lights Resources Amends Private Placement Terms and Announces Closing of First Tranche - Raising $227,500
Vancouver, British Columbia – TheNewswire - July 27, 2022 - Northern Lights Resources Corp. (“Northern Lights”, “NLR” or the “Company”) (CSE:NLR), (CNSX:NLR.CN)
About this update from Northern Lights Resources Corp
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - July 27, 2022 - Northern Lights Resources Corp. (“Northern Lights”, “NLR” or the “Company”) (CSE:NLR), (CNSX:NLR.CN), (OTC:NLRCF) announces it is amending the terms of the private placement announced on June 1, 2022 (and amended July 5, 2022) to include a share purchase warrant. Under the amended private placement terms, Northern Lights intends to complete a non-brokered private placement to raise gross proceeds of up to $1,000,000 through the issuing of up to 20,000,000 Units at a price of $0.05 per Unit (the “Placement”). Each Unit consists of one common share of the Company (a “Share”) and one full share purchase warrant (each a “Warrant”). Each Warrant is exercisable into one Share at a price of $0.10 per Share for 24 months following the date of issue. The Company is also pleased to announce that it has completed a first tranche of the Placement issuing 4,550,000 Units for total gross proceeds of $227,500. The Units and underlying securities are subject to the usual four months and a day hold period in accordance with applicable securities legislation and CSE requirements. The private placement as announced on June 1, 2022 remains open. The Company has not paid any finders fees in relation to this first tranche of the Placement. The Company intends to use the net proceeds raised from the Placement for the exploration of the Company’s Secret Pass Gold Project located in Northwestern Arizona, USA and for general working capital purposes. The Placement may be completed in multiple tranches and is subject to receipt of executed subscription agreements and funds as well as customary closing conditions, including regulatory approvals as required. In accordance with applicable securities laws, the Shares issued under the Placement will be sold to accredited investors or other investors who are exempt from prospectus requirements and will be subject to a four-month hold period in Canada. While the Placement is non-brokered, referral fees may be paid on a portion of the proceeds to eligible persons, where permitted by applicable law. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the Un...