OTTAWA,
ON, Sept. 6, 2022 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company")
(TSXV: NRN) announces that it is proceeding with a consolidation
(the "Consolidation") of its common shares ("Common
Shares") on the basis of five (5) pre-Consolidation Common
Shares for one (1) post-Consolidation Common Share. The
Consolidation was approved by the shareholders of the Company at
the Company's annual general and special meeting of shareholders
held on June 21, 2022.
The Common Shares will commence trading on the TSX Venture
Exchange (the "TSXV") on a consolidated basis at the opening
of markets on September 9, 2022 under
its current TSXV trading symbol, "NRN", and under the new
post-Consolidation CUSIP and ISIN numbers of 665720306 and
CA6657203064, respectively.
The Consolidation will reduce the number of outstanding Common
Shares from 291,683,550 to approximately 58,336,710, subject to
rounding. No fractional Common Shares will be issued pursuant to
the Consolidation and any fractional shares that would have
otherwise been issued will be rounded down to the next lowest whole
number.
Letters of transmittal have been mailed to the registered
shareholders of the Common Shares requesting that they forward
their pre-Consolidation share certificates to the Company's
transfer agent, Computershare Trust Company of Canada, to exchange such certificates for new
share certificates representing their Common Shares on a
post-Consolidation basis.
Shareholders who hold their shares through a broker or other
intermediary and do not have actual share certificates registered
in their name will not be required to complete and return a letter
of transmittal. Any pre-Consolidation Common Shares owned by such
shareholders will automatically be adjusted as a result of the
Consolidation to reflect the applicable number of
post-Consolidation Common Shares owned by them and no further
action is required to be taken by such shareholders.
About Northern
Northern Shield 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
expected date that the post-Consolidation Common Shares will
commence trading on the TSXV. 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.
