NEMI Northern Energy & Mining Inc. - Closing of convertible debenture financing


    VANCOUVER, March 12 /CNW/ - NEMI Northern Energy & Mining Inc. (TSX:
NNE.A) (the "Company") is pleased to announce that pursuant to the debenture
financing announced on February 21, 2008 and led by Canaccord Capital
Corporation ("Canaccord" or the "Agent") the Company issued $10,999,000
aggregate principal amount of unsecured convertible debentures (the
"Debentures"), including $999,000 in Debentures pursuant to the partial
exercise of the over-allotment option granted to the Agent.
    The Debentures bear an interest rate of 8.0% per annum, payable
semi-annually in arrears on June 30th and December 31st each year commencing
June 30th, 2008. The Debentures mature on March 12, 2013 and are convertible
into common shares of the Company at any time up until maturity at a
conversion price of $0.90 per share. After March 12, 2010, the Company has the
right, under certain circumstances, to redeem the debentures in whole or in
part. In addition, the Company has the right to repay the principal amount of
the Debentures in common shares at a price equal to 95% of the weighted
average trading price of the Company's shares on the Toronto Stock Exchange
for the 20 trading day period ending 5 trading days prior to the date fixed
for redemption or at maturity. Net proceeds from the financing will be used to
fund the Company's obligations in respect of the Peace River Coal Limited
    As consideration for Canaccord's services, the Company paid to Canaccord
a cash commission of 6% of the total proceeds raised in the financing and
issued to Canaccord 100,000 non-transferable agent's warrants, each agent's
warrant entitling Canaccord to acquire one common share of the Company at a
price of $0.90 per share at any time until March 12, 2010.

    NEMI Northern Energy & Mining Inc.

    P. C. DEVLIN, President

    Cautionary Statement Regarding Forward-Looking Information

    All statements, trend analysis and other information contained in this
press release relative to markets about anticipated future events or results
constitute forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions. Forward-looking statements are subject
to business and economic risks and uncertainties and other factors that could
cause actual results of operations to differ materially from those contained
in the forward-looking statements. Forward-looking statements are based on
estimates and opinions of management at the date the statements are made. The
Company does not undertake any obligation to update forward-looking statements
even if circumstances or management's estimates or opinions should change.
Investors should not place undue reliance on forward-looking statements.

For further information:

For further information: NEMI Northern Energy & Mining Inc., Suite 2500
- 555 West Hastings Street, Vancouver, BC, V6B 4N5, Tel: (604) 684-1554, Fax:
(604) 684-1556, Web:, Email:

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