/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA, ON, Sept. 28, 2021 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company")
(TSX-V: NRN) is pleased to announce that it has closed the first
tranche of a multi-faceted, non-brokered private placement
financing for aggregate proceeds of $300,000 (the "Offering").
The first tranche of the Offering was comprised of 5,000,000
common shares in the capital of the Company at a price of
$0.06 per share for aggregate gross
proceeds of $300,000. The common
shares were issued on a flow-through basis within the meaning of
the Income Tax Act (Canada). The second and final tranche of the
Private Placement is expected to close imminently.
Proceeds from the offering will be used to incur eligible
exploration expenses at the Shot Rock and Root & Cellar
Properties. The Company paid an aggregate of $12,000 in finders fees and issued 200,000
finders Warrants in connection with the Offering.
Securities issued under the Offering are subject to restrictions
on resale for a period of four months from the date of closing. The
Offering is subject to final approval of the TSX Venture
Exchange.
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.
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.
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 information which is
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ from those
projected in the forward-looking statements. Forward looking
statements in this press release but are not limited to, statements
with respect to the expectations of management regarding the
Offering, the expectations of management regarding the use of
proceeds of the Offering, closing conditions for the Offering, the
liklihood of closing the final tranche and TSX Venture Exchange
final approval of the Offering. These forward-looking statements
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking information.
Risks that could change or prevent these statements from coming to
fruition include the Company may not complete the Offering on terms
favorable to the Company or at all; the TSX Venture Exchange may
not provide final approval of the Offering; the proceeds of the
Offering may not be used as stated in this news release; the funds
raised from the sale of the Flow-Through Shares may not be
renounced in favour of the holders; the Company may be unable to
satisfy all of the conditions to the closing required by the TSX
Venture Exchange. The forward-looking information contained herein
is given as of the date hereof and the Company assumes no
responsibility to update or revise such information to reflect new
events or circumstances, except as required by law.
SOURCE Northern Shield Resources Inc.
