CALGARY,
AB, July 22, 2023 /CNW/ - This news release is
being disseminated as required by National Instrument 62-103 in
connection with the acquisition of securities of Northern Shield
Resources Inc. (the "Corporation") (TSXV: NRN.V).
Between July 18, 2023 and
July 20, 2023 Russell Richards, the
chair of the board of the Corporation, acquired (the
"Acquisition") an aggregate of 4,400,000 common shares (the
"Acquired Shares") in the capital of the Corporation.
The Acquired Shares were purchased in three separate transactions
as follows: 2,657,000 common shares on July
18, 2023 at a price of $0.050
per common share; 1,564,000 common shares on July 19, 2023 at a price of $0.050 per common share; and 179,000 common
shares on July 20, 2023 at a price of
$0.055 per common share. Total
consideration paid for the Acquired Shares was $220,895.00. The Acquisition was conducted
through the facilities of the TSX Venture Exchange.
Prior to the Acquisition, Mr. Richards beneficially owned,
controlled or directed an aggregate of 4,000,000 common shares,
representing approximately 5.2% of the issued and outstanding
common shares in the capital of the Corporation. Following the
Acquisition, Mr. Richards beneficially owns, controls or directs an
aggregate of 8,400,000 common shares, representing approximately
10.9% of the issued and outstanding common shares on a non-diluted
basis, and approximately 14.37% on a partially diluted basis,
assuming the exercise of all 2,650,000 common share purchase
warrants of the Corporation held by Mr. Richards.
Mr. Richards purchased the Acquired Shares for investment
purposes. Mr. Richards may acquire additional securities or dispose
of securities either on the open market or through private
acquisitions in the future depending on market conditions,
reformulation of plans and/or other relevant factors and subject to
applicable securities laws.
The Corporation's head office is located at 150 Elgin Street,
Ottawa, Ontario, K2P 1L4.
An early warning report will be electronically filed under
applicable securities laws and will be available on the
Corporation's SEDAR profile at www.sedar.com.
SOURCE Northern Shield Resources Inc.