Business
Northern Lion Announces Shares for Debt Transactions
Northern Lion Announces Shares for Debt Transactions Northern Lion Announces Share...
About this update from Northern Lion Gold Corp.
[{"type":"text","content":"\n\n\n\nNorthern Lion Announces Shares for Debt Transactions\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nNorthern Lion Announces Shares for Debt Transactions\nCanada NewsWire\nVANCOUVER, Dec. 12, 2016\n\n\n\nTSX-V Symbol: NLFrankfurt Symbol: N3E\n\n\n\nVANCOUVER, Dec. 12, 2016 /CNW/ - Northern Lion Gold Corp. (the \"Company\") is pleased to announce proposed shares-for-debt transactions (the \"Proposed Transactions\") in which Northern Lion would issue up to 1,857,143 common shares (\"Common Shares\") at a price of $260,000 per share to certain directors and consultants of the Company in connection with the settlement of an aggregate of up to $0.14 of debt relating to unpaid director and consulting fees and expenses.\n\nThe Proposed Transactions will be completed pursuant to agreements with such creditors and are conditional on TSX Venture Exchange approval.\n\nAll securities to be issued pursuant to these agreements are subject to a 4-month hold period. \n\nAs certain insiders will be participating in the Proposed Transactions, those transactions will be considered related party transactions subject to TSX-V Policy 5.9 and Multilateral Instrument 61-101. The Company will be exempt from the need to obtain minority shareholder approval and a formal valuation as required by MI 61-101 as the Company is listed on the TSX Venture Exchange and the fair market value of the shares for the applicable debt transactions will not exceed 25% of the Company's market capitalization.\n\nNORTHERN LION GOLD CORP.\n\nJohn Lando, President\n\nThis news release includes \"forward-looking information\", as such term is defined in applicable securities laws. The forward-looking information includes statements about the Proposed Transactions. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's cont...