Business
Northstar Gold Closes First Tranche of $1.6M Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 7, 2022) - Northstar Gold Corp. (CSE: NSG) (OTCQB: NSGCF) ("Northstar" or the "Company"), announces the
About this update from Northstar Gold Corp. Class A
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 7, 2022) - Northstar Gold Corp. (CSE: NSG) (OTCQB: NSGCF) (\"Northstar\" or the \"Company\"), announces the Company has closed the first tranche of its previously announced $1.6 million non-brokered private placement of units (\"Units\"), for gross proceeds of CDN$905,100.21 (the \"Offering\"). The first tranche comprised of 5,288,826 flow-through units (\"Flow-Through Units\") for a total of $449,550.21 and 6,074,000 non-flow-through units totaling $455,550 (the \"Non-Flow-Through Units\"). The Flow-Through Units were priced at $0.085 and comprised of one flow-through common share and one non-flow-through share purchase warrant. Each full warrant is exercisable for one non-flow-through common at an exercise price of $0.10 for a period of 24 months. The Non-Flow-Through Units were priced at $0.075 and comprised of one common share and one share purchase warrant. Each full purchase warrant is exercisable into common shares at a price of $0.10 for a period of 24 months. The Company paid a total of $30,535 in finders fees associated with the Offering and issued 368,295 finder warrants with exercise prices of $0.075 and $0.085 expiring 24 months from the closing date of the Offering. All securities issued under the Offering are subject to a statutory four month hold period from the closing date under applicable Canadian securities laws. The gross proceeds from the sale of the Flow-Through Shares will be used to incur eligible Canadian Exploration Expenses (\"CEE\") at the Company's 100%-owned flag-ship Miller Gold Property, situated 18km southeast of Kirkland Lake, Ontario, the Company's adjoining Rosegrove Gold Property and the Milestone Cu-Ni-Co Property. The Company will renounce CEE effective on or before December 31, 2022. The proceeds raised from the Non-Flow-Through component will also be used for exploration work on the Miller Gold Property and general working capital. The participation of three directors in the Offering constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and the policies of the CSE. The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections...