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Northern Shield Closes First Tranche of Private Placement for $1,278,796
Northern Shield Closes First Tranche of Private Placement for $1,278,796 Canada Ne...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\n\nNorthern Shield Closes First Tranche of Private Placement for $1,278,796\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. 9, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n OTTAWA, Dec. 9, 2019 /CNW/ - Northern Shield Resources Inc. (\"Northern Shield\" or the \"Company\") (TSXV: NRN) is pleased to announce that it has closed the first tranche of a multi-faceted, non-brokered private placement financing of 23,742,594 common shares on a non-flow-through and flow-through basis for total proceeds of $1,278,796 (the \"Offering\").\nThe initial tranche was comprised of i) 14,575,926 units at $0.05 per unit for aggregate gross proceeds of $728,796.  Each unit (a \"Unit\") consists of one common share in the capital of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (a \"Warrant\"). Each whole Warrant is exercisable for one Common Share at a price of $0.10 per Common Share within 24 months of the closing of the Offering; and ii) 9,166,668 Common Shares issued on a flow-through basis within the meaning of the Income Tax Act (Canada) (each a \"Flow-Through Share\") at a price of $0.06 per Flow-Through Share, for aggregate gross proceeds of $550,000.  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.\nThe Offering is subject to final approval of the TSX Venture Exchange. The Company paid an aggregate of $40,000 in finders fees in connection with this tranche. The Company anticipates closing a second tranche next week.  Securities issued under the Offering are subject to restrictions on resale for a period of four months from the date of closing.\nAbout Northern  Northern Shield Resources Inc. is a Canadian-based company focused on generating high-quality exploration programs with experience in many geological terranes. It is known as a leader in executing grass roots explorat...