OTTAWA, Sept. 8, 2016 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") [TSX-V: NRN] is pleased to announce that it has completed a non-brokered private placement (the "Private Placement") of 2,272,727 units ("Units") at a price of $0.22 per Unit for aggregate gross proceeds of $500,000. Each Unit is comprised of one common share in the capital of Northern Shield (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each whole warrant is exercisable for one Common Share at a price of $0.30 per share September 8, 2019 provided that should the Common Shares trade on the TSX Venture Exchange (the "TSXV") for 20 consecutive trading at a price equal to or more than $0.70, the Warrants will expire five days later. The Common Shares and Warrants underlying the Units are subject to a four month hold period from the date of issuance and the Private Placement remains subject to the final approval of the TSX Venture Exchange.
The company is also pleased to announce that Northern Shield has been invited to the Precious Metals Summit at Beaver Creek, Colorado on September 14-16, 2016. Northern Shield's President and CEO, Ian Bliss will be presenting on Wednesday, September 14, 2016 at 1:45 pm.
Northern Shield Resources Inc. is a Canadian-based mineral exploration company built around its platinum group element (PGE) expertise, which forms the basis of its exploration in eastern Canada.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Northern Shield Resources Inc.
For further information: Northern Shield Resources Inc.: Ian Bliss, President and CEO, Tel.: (613) 232-0459, Fax: (613) 232-0760, [email protected]