Business
Northern Shield Closes Final Tranche of Private Placement for Aggregate Total of $1,724,836
Northern Shield Closes Final Tranche of Private Placement for Aggregate Total of $1,724,83...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\n\nNorthern Shield Closes Final Tranche of Private Placement for Aggregate Total of $1,724,836\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, Dec. 17, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n OTTAWA, Dec. 17, 2019 /CNW/ - Northern Shield Resources Inc. (\"Northern Shield\" or the \"Company\") (TSXV: NRN) is pleased to announce that it has closed the final tranche of a multi-faceted, non-brokered private placement financing for proceeds of $446,040 bringing the aggregate total from the first and second tranche to $1,724,836 (the \"Offering\").  The Offering size was increased from $1,325,000 to accommodate strong demand.\nThe final tranche was comprised of: i) 600,000 units (\"Units\") at $0.05 per Unit for aggregate gross proceeds of $30,000, with each Unit comprised of one common share in the capital of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (a \"Warrant\"); ii) 3,500,000 flow-through units (\"Flow-through Units\") at $0.07 per unit for aggregate gross proceeds of $245,000, with each Flow-Through Unit comprised of one Common Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) (each a \"Flow-Through Share\") and one-half of one Warrant; and ii) 2,850,670 Flow-Through Shares at a price of $0.06 per share, for aggregate gross proceeds of $170,040.  Each whole Warrant is exercisable for one Common Share at a price of $0.10 per share for a period of 24 months from closing.  Proceeds from the Offering will be used for working capital purposes and to incur eligible exploration expenses at the Shot Rock and Root & Cellar Properties.\nAn insider of the Company acquired 2,175,926 Units for proceeds of approximately $108,796 in the first tranche  The issuance of securities to insiders pursuant to the Offering (the \"Insider Participation\") constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 ...