Business
Northern Shield Resources Closes Financing
OTTAWA, ON, Sept. 11, 2023 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce that it has closed a m
About this update from Northern Shield Resources Inc.
[{"type":"text","content":" OTTAWA, ON, Sept. 11, 2023 /CNW/ - Northern Shield Resources Inc. (\"Northern Shield\" or the \"Company\") (TSXV: NRN) is pleased to announce that it has closed a multi-faceted non-brokered, private placement of 2,100,00 units for total proceeds of $227,500 (the \"Offering\"). The Offering was comprised of: i) 1,400,000 units (\"Units\") at $0.10 per unit for aggregate gross proceeds of $140,000 with each Unit consisting of one common share in the capital of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"), with each Warrant exercisable for one Common Share at a price of $0.20 per share within 24 months of the closing; and ii) 700,000 flow-through units (\"Flow-Through Units\") at a price of $0.125 per Flow-Through Unit for aggregate gross proceeds of $87,500 with each Flow-Through Unit consisting of one Common Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) and one-half of one Common Share purchase warrant (a \"FT Warrant\"). Each whole FT Warrant is exercisable for one Common Share at a price of $0.22 per share within 24 months of the closing. Proceeds from the Offering will be used primarily to incur eligible exploration expenses at the Root & Cellar Property. The Company paid an aggregate of $1,250 in finders fees and issued 14,000 FT Warrants in connection with the Offering. Securities issued under the Offering are subject to restrictions on resale for a period of four months and a day from the date of closing. The Offering is subject to final approval of the TSX Venture Exchange. None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Northern Shield Resources Northern Shield Resources Inc. is a Canadian-based company, known as a leader in generating high-quality exploration targets, that views greenfield exploration as an opportunity to discover a near surface, tier one asset, at rela...