OTTAWA, June 15, 2016 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce that it has granted options to acquire a total of 6,850,000 common shares pursuant to its shareholder approved stock option plan (the "Stock Option Plan"). Options to acquire a total of 5,300,000 common shares were issued to Northern Shield's officers and directors, and the balance were issued to employees and consultants of Northern Shield. Each option entitles the holder to acquire one share for $0.16 per share for a period ending June 10, 2021.
This grant of options is the first grant Northern Shield has made in four years, as Northern Shield's board did not feel it was appropriate to grant options during such period of generally falling share prices which resulted from, among other things, a decline in the junior mining market and commodity prices as well as general economic and capital market depression. Following such grant of options, Northern Shield now has outstanding under its Stock Option Plan options to acquire just under 6.5% of Northern Shield's outstanding common shares which percentage will fall to approximately 5% by the end of 2016 as options granted five years ago expire.
Northern Shield Resources Inc. is a Canadian-based company focused on exploring for platinum group element ("PGE") and nickel-copper-PGE deposits. It is known as a leader in grass roots exploration for Ni-Cu-PGEs and the understanding of magmatic systems as it applies to exploration.
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]