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Northern Shield Completes Second Tranche of Financing for Gross Proceeds of $428,800; Appoints New Director
Northern Shield Completes Second Tranche of Financing for Gross Proceeds of $428,800; Appo...
About this update from Northern Shield Resources Inc.
[{"type":"text","content":"\n\n\n\nNorthern Shield Completes Second Tranche of Financing for Gross Proceeds of $428,800; Appoints New Director\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 Second Tranche of Financing for Gross Proceeds of $428,800; Appoints New Director\nCanada NewsWire\nOTTAWA, July 18, 2016\n\n\n\nOTTAWA, July 18, 2016 /CNW/ - Northern Shield Resources Inc. (\"Northern Shield\" or the \"Company\") (TSXV: NRN) is pleased to announce that it has completed a second tranche of a non-brokered private placement (the \"Private Placement\") of 2,680,000 units (\"Units\") at a price of $0.16 per Unit for aggregate gross proceeds of $428,800. 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 $0.22 per share until July 16, 2019; provided that should the Common Shares close on the TSX Venture Exchange at or above $0.50 per Common Share during any period of 20 consecutive trading days, the Warrants will expire five 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. A total of $10,248 in finder's fee and administration fees were paid and 45,300 broker warrants were issued in connection with the financing. In total, $1,428,800 was raised from the two tranches.\n\nSIDEX, 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. \n\nNor...