OTTAWA, ON, Feb. 17, 2021 /CNW/ - Northern Shield Resources
Inc. ("Northern Shield" or the "Company") (TSX-V:
NRN) announces that the Company intends to extend the exercise
period of a total of 1,766,667 share purchase warrants, all of
which are exercisable at $0.10 per
common share (collectively, the "Warrants"). The Warrants
were issued pursuant to a private placement which closed on
March 4, 2019. The Company proposes
to extend the expiry dates for these Warrants by one (1) additional
year, and accordingly, the new expiry dates for the Warrants will
be March 6, 2022.
All other terms and conditions of the Warrants remain unchanged.
The Warrant extension is subject to acceptance by the TSX Venture
Exchange.
A total of 666,667 Warrants are held by parties who are
considered to be "related parties" of the Company. Therefore, the
amendment of Warrants constitutes a "related party transaction" as
contemplated by Multilateral Instrument 61-101 Protection of
Minority Shareholders in Special Transactions, and TSXV Policy 5.9
- Protection of Minority Shareholders in Special Transactions.
However, the exemptions from formal valuation and minority approval
requirements provided for by these guidelines can be relied upon as
the fair market value of the Warrants does not exceeds 25% of the
market capitalization of the Company. A material change report in
respect of this related party transaction will be filed by the
Company.
About Northern
Northern Shield Resources Inc. is a
Canadian-based company focused on generating high-quality
exploration programs with experience in many geological terranes.
It is known as a leader in executing grass roots exploration
programs using a model driven approach. Seabourne Resources Inc. is
a wholly-owned subsidiary of Northern Shield focussing on
epithermal gold and related deposits in Atlantic Canada.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements, which
relate to future events or future performance and reflect
management's current expectations and assumptions, including the
acceptance of the extension to the term of the warrants by the TSX
Venture Exchange. Such forward-looking statements reflect
management's current beliefs and are based on assumptions made by
and information currently available to the Company. Investors are
cautioned that these forward looking statements are neither
promises nor guarantees, and are subject to risks and uncertainties
that may cause future results to differ materially from those
expected. These forward-looking statements are made as of the date
hereof and, except as required under applicable securities
legislation, the Company does not assume any obligation to update
or revise them to reflect new events or circumstances except as
required by applicable law. All of the forward-looking statements
made in this press release are qualified by these cautionary
statements and by those made in our filings with SEDAR in
Canada (available at
www.sedar.com).
SOURCE Northern Shield Resources Inc.