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Northern Shield Completes First Tranche of Financing for Gross Proceeds of $317,750: Exploration Planned for Huckleberry and New Acquisition
Northern Shield Completes First Tranche of Financing for Gross Proceeds of $317,750: Explo...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\n\nNorthern Shield Completes First Tranche of Financing for Gross Proceeds of $317,750: Exploration Planned for Huckleberry and New Acquisition\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 Shield Completes First Tranche of Financing for Gross Proceeds of $317,750: Exploration Planned for Huckleberry and New Acquisition\nCanada NewsWire\nOTTAWA, April 7, 2016\n\n\n\nOTTAWA, April 7, 2016 /CNW/ - Northern Shield Resources Inc. (\"Northern Shield\" or the \"Company\") [TSX-V: NRN] is pleased to announce that it has completed the first tranche of a non-brokered private placement (the \"Private Placement\") of  10,591,667 units (\"Units\") at a price of $0.03 per Unit for aggregate gross proceeds of $317,750. Each Unit is comprised of one common share in the capital of Northern Shield (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 $0.05 per share until April 7, 2017 provided that should the Common Shares trade on the TSX Venture Exchange (the \"TSXV\") for 20 consecutive trading days at a price equal to or more than $0.10, the Warrants will expire 30 days later. The Common Shares and Warrants underlying the Units are subject to a four month hold period from the date of issuance and the Private Placement remains subject to the final approval of the TSX Venture Exchange. SIDEX, a Quebec institutional fund subscribed for $100,000 of the private placement under the \"Field Action 2016\" program. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base and open new territories. Field Action 2016 is a $3-Million financing program launched by SIDEX for the third year in a row to encourage junior mineral exploration companies to pursue field work in Québec, hire young professionals, employ service companies, and make new discoveries. Northern Shield appreciates the continued support of its projects from SIDEX. A second tranche is expected to close next week.\n\nA ca...