OTTAWA, April 13, 2016 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") [TSX-V: NRN] is pleased to announce that it has completed the second and final tranche of a non-brokered private placement (the "Private Placement"). Proceeds of the second tranche totaled $182,250 and were completed under the same terms as the first tranche which closed on April 7, 2016. In total, 16,666,667 units ("Units") were issued at a price of $0.03 per Unit for aggregate gross proceeds of $500,000. Each Unit is comprised of one common share in the capital of Northern Shield (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each whole warrant is exercisable for one Common Share at a price of $0.05 per share until April 12, 2017 (second tranche) provided that should the Common Shares trade on the TSX Venture Exchange (the "TSXV") for 20 consecutive trading days at a price equal to or more than $0.10, the Warrants will expire 30 days later. The Common Shares and Warrants underlying the Units are subject to a four month hold period from the date of issuance and the Private Placement remains subject to the final approval of the TSX Venture Exchange.
Northern Shield Resources Inc. is a Canadian-based company focused on exploring for platinum group element ("PGE") and nickel-copper-PGE deposits. It is known as a leader in grass roots exploration for Ni-Cu-PGEs and the understanding of magmatic systems as it applies to exploration.
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.
SOURCE Northern Shield Resources Inc.
For further information: Northern Shield Resources Inc.: Ian Bliss, President and CEO, Tel.: (613) 232-0459, Fax: (613) 232-0760, firstname.lastname@example.org