Northern announces distribution of equity interest in Jaguar Nickel Inc. to members of investor group



    (TSX: NFC)

    TORONTO, June 18 /CNW/ - Northern Financial Corporation (TSX: NFC)
("Northern") today announced the termination of the Northern investor group
which owned 21,605,800 common shares of Jaguar Nickel Inc. ("Jaguar")
representing 19.99% of the total issued common shares of Jaguar. As a result
of such termination, the common shares of Jaguar held by the Northern investor
group were distributed to members pro rata in accordance with their percentage
ownership interests in the Northern investor group.
    The Northern investor group distributed 13,544,315 common shares of
Jaguar to Northern, 1,963,076 common shares of Jaguar to Vic Alboini, Chairman
and Chief Executive Officer of Northern, and 707,995 common shares of Jaguar
to Stature Inc. ("Stature"), an investment company wholly owned by Mr.
Alboini. Mr. Alboini and Stature are sometimes collectively referred to as
"Vic".
    Northern and Vic are acting jointly and in concert with regard to their
respective ownership of common shares of Jaguar. Northern and Vic own a total
of 16,215,386 common shares of Jaguar representing 15% of the total issued
common shares of Jaguar.
    The Northern investor group also distributed a total of 5,390,414 common
shares of Jaguar to the remaining investors in the Northern investor group
("Other Investors"). Northern is no longer acting jointly or in concert with
the Other Investors with regard to Jaguar.
    The Northern investor group was terminated in order to permit all members
of such group to own and hold directly their pro rata interest in the common
shares of Jaguar. The termination permits each investor to make his own
investment decisions with regard to buying or selling Jaguar common shares.
The common shares of Jaguar distributed to Northern and Vic in the termination
of the Northern investor group were acquired for investment purposes. Northern
or Vic may, directly or indirectly, depending on market and other conditions,
acquire beneficial ownership of, control or direction over, additional common
shares of Jaguar, through market transactions, private agreements or
otherwise, in accordance with applicable securities legislation. Northern or
Vic may, depending on market and other conditions, sell any or all of its
Common Shares.

    About Northern Financial Corporation

    Northern Financial Corporation wholly owns Northern Securities Inc., a
full service investment dealer that provides financial advisory services to
retail and institutional clients and investment banking services to small
capitalization companies.

    %SEDAR: 00004119E




For further information:

For further information: Ann Krallisch, Director, Business Development,
Northern Securities Inc., (416) 644-8113, Fax: (416) 644-0270, e-mail:
akrallisch@northernsi.com

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Northern Financial Corporation

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Jaguar Financial Corporation

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