TORONTO, July 11, 2012 /CNW/ - Northern Financial Corporation
("Northern" or the "Company") (TSX-V:NFC) announced the acquisition of
2,000,000 common shares of Northern (TSX-V:NFC) on June 29, 2012, by
Mr. Vic Alboini, Chairman and Chief Executive Officer of Northern under
Northern's previously announced private placement.
Mr. Alboini acquired 2,000,000 common shares of Northern, representing
approximately 5.5% of Northern's total issued shares. Prior to the
transaction, Mr. Alboini owned 7,340,236 common shares representing
approximately 22.5% of the then issued and outstanding common shares.
Mr. Alboini owns or has control or direction over 9,340,236 common
shares representing approximately 25.5% of the issued and outstanding
The common shares were issued to Mr. Alboini under a private placement
of common shares by Northern previously announced on June 28, 2012, at
a cost of $0.05 per common share. Mr. Alboini may, directly or
indirectly, depending on market and other conditions, acquire
beneficial ownership of, control or direction over, additional common
shares, through market transactions, private agreements or otherwise.
Mr. Alboini may, depending on market and other conditions, sell any or
all of the 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.
The TSX Venture 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 the Company 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 Filing Statement of the Company which are available at
www.sedar.com. The cautionary statements qualify all forward-looking
statements attributable to the Company and persons acting on their
behalf. Unless otherwise stated, all forward-looking statements speak
only as of the date of this press release and the Company has no
obligation to update such statements.
SOURCE Northern Financial Corporation
For further information:
Chairman and CEO