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Northern Lights Resources Closes First Tranche of Financing Raising Cash Proceeds of US$800,000
VANCOUVER, BC / ACCESSWIRE / June 7, 2021 / Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR) (OTCQB:NLRCF) is pleased to announce
About this update from Northern Lights Resources Corp
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / June 7, 2021 / Northern Lights Resources Corp. (\"Northern Lights\" or the \"Company\") (CSE:NLR) (OTCQB:NLRCF) is pleased to announce that it has closed the first tranche of US$890,000 (C$1,079,463) of the total US$2,000,000 (approximately C$2,425,760) of funding available under financing agreement (the \"Agreement\") entered into with Precious Metals Capital Group, LLC (\"Investor\") as announced by the Company on May 28, 2021. Under the terms of the Agreement, the Investor has purchased a unsecured zero-coupon non-redeemable convertible security (\"Convertible Security\") from the Company with a principal amount of US$890,000 for a purchase price of US$800,000. Northern Lights has received US$800,000 (approximately C$970,304) cash payment from the Investor. The Company has issued to the Investor (i) a Convertible Security certificate for a principal amount of US$890,000; (ii) 3,122,743 Shares in satisfaction of a one-time fee (the \"Fee Shares\"); (iii) an initial issuance of 1,800,000 conversion shares (the \"Initial Conversion Shares\") to be counted towards the conversion of the Convertible Security or otherwise applied as set forth in the Company's May 28, 2021 news release ; and (iv) 2,800,000 warrants, as a one-time issuance, each warrant entitling the holder to subscribe for one Share at the exercise price of C$0.068509 for the 48 months from the date of issue. Please refer to the Company's news release of May 28, 2021 for details on the means and pricing of conversion of the Convertible Securities. In addition, the Company announces that 3,420,000 previously issued common share purchase warrants exercisable at $0.075 per share expiring July 4, 2021, have had the exercise expiry date extended to July 4, 2024. For further information, please contact:Albert Timcke, Executive Chairman and PresidentEmail: [email protected]: +1 604 608 6163 Jason Bahnsen, Chief Executive OfficerEmail: [email protected]: +1 604 608 6163 Shawn Balaghi, Investor RelationsEmail: [email protected]: +1 604 773 0242 About Northern Lights Resources Corp. Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silv...