NORTHERN FINANCIAL CORPORATION
TORONTO, Jan. 24 /CNW/ - Northern Securities Inc., a wholly owned
subsidiary of Northern Financial Corporation (TSX:NFC), is pleased to
announce that it has been engaged to raise $3,000,000 for Buchans
Minerals Corporation (TSX-V:BMC) ("Buchans Minerals"). Buchans Minerals
is an Atlantic Canada based resource company focused on exploring and
developing base metal and gold properties in the region, including its
flagship Lundberg & Engine House project covering the historic base
metal Buchans mining camp in central Newfoundland.
The Offering is comprised of $1,500,000 of Units and $1,500,000 of
Flow-Through Units. Each Unit will be offered at $0.11 per Unit and
will consist of one common share and one common share purchase warrant
(a "Hard Dollar Warrant"), with each Hard Dollar Warrant entitling the
holder to acquire one common share at an exercise price of $0.17 for a
period of two years.
Each Flow-Through Unit will be offered at $0.13 per Flow-Through Unit
and will consist of one common share and a half 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 $0.18
for a period of two years.
Completion of the Offering is subject to certain conditions, including
regulatory approval including the TSX-Venture Exchange. The Offering is
expected to be completed on or about February 14, 2011.
The Agent will be paid a commission fee of 8% in cash and 8% in broker
warrants exercisable for Units at $0.11 per Unit for a period of two
years from closing.
About Northern Financial Corporation
Northern Financial Corporation ("Northern Financial") 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
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 Securities Inc.
For further information:
Chairman and Chief Executive Officer
Northern Securities Inc.
Fax: (416) 644-0271