TORONTO, May 12 /CNW/ - Northern Securities Inc. ("Northern Securities"), a wholly-owned subsidiary of Northern Financial Corporation (TSX:NFC) ("NFC"), is pleased to announce that it has been engaged as agent, to raise gross proceeds of up to $5,000,000 in Units (the "Offering") for Canadian Zinc Corporation (TSX:CZN) ("Canadian Zinc"). Canadian Zinc's principal focus is to advance towards production the Prairie Creek Mine, a zinc/lead/silver property located in the Northwest Territories of Canada. This will be the fifth financing that Northern Securities has led for Canadian Zinc, a client relationship dating back to 2006.

The Units are priced at $0.90 and are comprised of one common share and a half common share purchase warrant. Each whole warrant shall be exercisable for one common share at an exercise price of $1.15 until 18 months from the date of closing. Canadian Zinc has granted Northern Securities an over-allotment option to purchase up to an additional $1,000,000 in Units.

Completion of the Offering is subject to certain conditions, including approval by the Toronto Stock Exchange and other regulatory agencies. Northern Securities and Canadian Zinc may invite other IIROC firms to participate in a syndicate for the Offering. All securities issued pursuant to the Offering will be subject to a four-month hold period. The Offering is expected to be completed on or about May 31, 2011.

The net proceeds of the Offering will be used to advance the Canadian Zinc's Prairie Creek Mine in the Northwest Territories of Canada towards production and for working capital purposes.

Northern Securities will be paid a commission fee of 7% in cash and 7% in broker warrants exercisable for Units for a period of 18 months from the date of closing of the Offering.

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 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 NFC, 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 NFC 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 NFC which are available at The cautionary statements qualify all forward-looking statements attributable to NFC and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and NFC has no obligation to update such statements.

SOURCE Northern Financial Corporation

For further information:

Vic Alboini
Chairman and CEO
Northern Securities Inc.
(416) 644-8110
Fax: (416) 644-0270

Profil de l'entreprise

Northern Financial Corporation

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