/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA, ON, Sept. 29, 2021 /CNW/ - Northern Shield Resources
Inc. ("Northern Shield" or the "Company") (TSXV: NRN)
is pleased to announce that it has closed the second and final
tranche of a multi-faceted, non-brokered private placement
financing for $412,000 (the
"Offering") bringing the aggregate proceeds from both tranches to
$712,000 (see press release dated
September 28, 2021 for terms the
first tranche).
This tranche of the Offering was comprised of 6,437,501
flow-through units ("Flow-through Units") at $0.064 per unit for aggregate gross proceeds of
$412,000, with each Flow-Through Unit
comprised of one common share in the capital of the Company and
one-half of one common share purchase warrant (each a
"Warrant") each issued on a flow-through basis within the
meaning of the Income Tax Act (Canada). Each whole Warrant is
exercisable for one common share at a price of $0.10 per share for a period of 24 months from
closing, subject to acceleration in certain circumstances.
Proceeds from the Offering will be used primarily to incur eligible
exploration expenses at the Root & Cellar
Property. The Company paid $3,840 in finders fees and issued 80,000 finders
Warrants in connection with this 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, 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 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.
