TORONTO, Feb. 1 /CNW/ - Northern Securities Inc. ("Northern
Securities"), a wholly owned subsidiary of Northern Financial
Corporation (TSX:NFC), is pleased to announce that it has been engaged
to raise $1,750,000 for Win-Eldrich Mines Limited (TSX-V:WEX)
("Win-Eldrich") on a best efforts basis (the "Offering"). Win-Eldrich's
principal asset is its 100% interest in an operating molybdenum mine
and gold exploration property known as the Ashdown Property located in
The Offering is subject to Northern Securities completing satisfactory
due diligence and other customary closing conditions. The Offering will
consist of $1,750,000 in Units at a price of $0.30 per Unit. Each Unit
will consist of one common share and one half of one common share
purchase warrant (each whole warrant a "Warrant"), with each Warrant
entitling the holder to acquire one Common Share at an exercise price
of $0.45 for a period of two years. Win-Eldrich shall be entitled to
provide subscribers for up to $250,000 of the Offering.
The Offering remains subject to the approval of the TSX Venture
Exchange. All securities issued pursuant to the Offering will be
subject to a four-month hold period. The proceeds from the Offering
will be used to fund further exploration and development of
Win-Eldrich's Ashdown molybdenum deposit, exploration of the Ashdown
gold deposit and for general working capital purposes.
Northern Securities will be paid a commission of 8% in cash and 8% in
broker warrants exercisable for Units at $0.30 per Unit for a period of
two years from closing. In addition, Northern Securities will receive a
work fee of $10,000 payable on closing of the Offering.
About Northern Financial Corporation
Northern Financial Corporation ("Northern Financial") wholly owns
Northern Securities, a full service investment dealer that provides
financial advisory services to retail and institutional clients and
investment banking services to small capitalization companies.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This press release may
contain forward-looking statements with respect to the Company, its
operations, strategy, financial performance and condition. These
statements generally can be identified by use of forward looking words
such as "may", "will", "expect", "estimate", "anticipate", intends",
"believe" or "continue" or the negative thereof or similar variations.
The actual results and performance of Northern Financial discussed
herein could differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ materially
from expectations include, among other things, general economic and
market factors, competition, changes in government regulations and the
factors described under "Risk Factors" in the Management's Discussion
and Analysis and Annual Information Form of Northern Financial which
are available at www.sedar.com. The cautionary statements qualify all
forward-looking statements attributable to Northern Financial and
persons acting on their behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release and Northern Financial has no obligation to update such
SOURCE Northern Financial Corporation
For further information:
Chairman and Chief Executive Officer
Northern Securities Inc.
Fax: (416) 644-0271