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Northern Shield Closes Private Placement for $62,500
Northern Shield Closes Private Placement for $62,500 Canada NewsWire /NOT FOR...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n \n \n \n Northern Shield Closes Private Placement for $62,500\n \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 Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n OTTAWA, ON\n \n \n ,\n \n \n March 21, 2023\n \n \n /CNW/ - Northern Shield Resources Inc. (\"\n \n Northern Shield\n \n \" or the \"\n \n Company\n \n \") (TSXV: NRN) is pleased to announce that it has closed a non-brokered, private placement of 1,250,000 common shares for total proceed\n \n $62,500\n \n (the \"\n \n Offering\"\n \n ). This offering is closing now due to time restrictions. However, based on continued and growing interest a new offering is intended on the same terms and conditions.\n \n \n The Offering was comprised of 1,250,000 units (\"\n \n Units\n \n \") at\n \n $0.05\n \n per unit for aggregate gross proceeds of\n \n $62,500\n \n with each Unit consisting of one common share in the capital of the Company (a \"\n \n Common Share\n \n \") and one Common Share purchase warrant (a \"\n \n Warrant\n \n \"), with each whole Warrant exercisable for one Common Share at a price of\n \n $0.10\n \n per share within 24 months of the closing. Proceeds from the Offering will be used primarily for working capital purposes and exploration expenses at the Root & Cellar Property. The Company paid an aggregate of $5,000 in finders fees and issued 70,000 finders Warrants in connection with the Offering.\n \n \n A director and officer of the Company acquired 250,000 Units for proceeds of approximately\n \n $12,500\n \n .  The issuance of securities to an insider pursuant to the Offering (the \"\n \n Insider Participation\n \n \") constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (\"\n \n MI 61-101\n \n \").  The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a)an...