/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA,
ON, Jan. 15, 2025 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company")
(TSX-V: NRN) announces that due to regulatory filing
timelines, it has closed the non-brokered private placement
financing announced on December 11,
2024, for gross proceeds of $100,000 (the "Offering").
The Offering consisted of 2,500,000 units
("Units") at $0.04 per Unit
with each Unit consisting of one common share in the capital of the
Company (a "Common Share") and one Common Share purchase
warrant (a "Warrant"). Each Warrant is exercisable for one
Common Share at a price of $0.10
within 24 months of the closing. Proceeds from this Offering,
along with a flow-through offering completed at the end of 2024 for
aggregate combined proceeds of $500,000, will be used primarily for working
capital purposes and to complete further exploration at the
Company's Root & Cellar Property. It is expected that an
additional offering under similar terms, will commence shortly.
A Director of the Company, Mr. Russell M. Richards, acquired all 2,500,000
Units for proceeds of $100,000.
The issuance of securities to Mr. Richards (the "Insider
Participation") constitutes a related party transaction within
the meaning of TSX Venture Exchange ("TSXV") Policy 5.9 and
Multilateral Instrument 61-101 - Protections of Minority
Security Holders in Special Transactions ("MI
61-101"). For additional details regarding the Insider
Participation, please see the Company's press release dated
December 11, 2024.
Further details regarding the Offering will be
included in a material change report to be filed by the Company in
due course. Securities issued under the Offering are subject
to restrictions on resale for a period of four months and a day
from the date of closing.
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.
About Northern Shield Resources
Northern Shield Resources Inc. is a
Canadian-based company known as a leader in generating high-quality
exploration targets that views greenfield exploration as an
opportunity to find a Tier 1 asset, near surface, and at relatively
low cost. We implement a model driven exploration approach to
reduce the risk associated with early-stage projects for ourselves,
our shareholders, and the environment. This approach led us to
option the Root & Cellar Property from a Newfoundland prospector, who discovered the
mineralization, and then its advancement to a large
gold-silver-tellurium and copper porphyry system.
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
include, but are not limited to, statements with respect to the
expectations of management regarding the Offering and the
expectations of management regarding the use of proceeds 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
proceeds of the Offering may not be used as stated in this news
release. 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.
