OTTAWA, Dec. 24 /CNW Telbec/ - Northern Shield Resources Inc. ("Northern Shield") (TSX-V: NRN) is pleased to announce that it has completed a private placement (the "Private Placement") of 2,780,000 common shares on a flow-through basis ("Flow-Through Shares") at a price of $0.125 per Flow-Through Share for gross proceeds of $347,500. Finder's fees of $18,000 in cash and warrants entitling the holder to acquire an aggregate of 144,000 common shares at an exercise price of $0.17 per common share for a period of eighteen months were paid in connection with the Private Placement. The securities issued under the Private Placement and the common shares issuable upon exercise of the warrants cannot be traded for four months and a day from the date of their issuance. Several members of the management of Northern Shield including the CEO, participated in the financing.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) exploration in Ontario. Its mission is to create a successful mineral exploration company through technical excellence and efficient management, where success is measured by the identification and development of high-quality mineral exploration projects, which may ultimately be optioned, sold or developed for maximum return on investment. For further information on Northern Shield and its properties, please visit our website at www.northern-shield.com or contact:
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Northern Shield Resources Inc.
For further information: For further information: Northern Shield Resources Inc., Ian Bliss, President and CEO, Tel.: (613) 232-0459, Fax: (613) 232-0760, firstname.lastname@example.org