/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA,
ON, April 10, 2023 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company")
(TSXV: NRN) is pleased to announce that it has closed the
first tranche of a multi-faceted, non-brokered private placement
financing of 1,884,616 common shares on a non-flow-through and
flow-through basis for total proceeds of $100,000 (the "Offering").
The Offering was comprised of: i) 1,500,000 units
("Units") at $0.05 per unit
for aggregate gross proceeds of $75,000 with each Unit consisting of one common
share in the capital of the Company (a "Common Share") and
one Common Share purchase warrant (a "Warrant"), with each
whole Warrant exercisable for one Common Share at a price of
$0.10 per share within 24 months of
the closing; and ii) 384,616 flow-through units ("Flow-Through
Units") for aggregate gross proceeds of $25,000 with each Flow-Through Unit consisting of
one Common Share issued on a flow-through basis within the meaning
of the Income Tax Act (Canada) and one-half of one Common Share
purchase warrant (an "FT Warrant"). Each whole FT Warrant is
exercisable for one Common Share at a price of $0.125 per share within 24 months of the closing.
Proceeds from the Offering will be used primarily for working
capital purposes and to incur eligible exploration expenses at the
Root & Cellar Property.
Securities issued under the Offering are subject to restrictions
on resale for a period of four months from the date of closing. The
Offering is subject to final approval of the TSX Venture
Exchange.
None of the securities sold in connection with the
Offering will be registered under the United States Securities Act
of 1933, as amended, and no such securities may be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Northern
Northern Shield Resources Inc. is a
Canadian-based company known as a leader in generating high-quality
exploration targets and views greenfield exploration as an
opportunity. An opportunity to find a Tier 1 asset, near surface,
and at relatively low cost. It implements a model driven approach
in exploration to reduce any risk associated with early-stage
projects for ourselves, our shareholders and the environment. It is
this approach that led to the discovery of an alkaline driven
gold-silver-tellurium-porphyry copper system at its Root &
Cellar Project in Newfoundland.
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.
Cautionary Statement Regarding
Forward-Looking Statements
This news release contains forward-looking information which is
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ from those
projected in the forward-looking statements. Forward looking
statements in this press release but are not limited to, statements
with respect to the expectations of management regarding the
Offering, the expectations of management regarding the use of
proceeds of the Offering, closing conditions for the Offering, and
TSX Venture Exchange final approval of the Offering. These
forward-looking statements are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. Risks that could change or prevent
these statements from coming to fruition include the TSX Venture
Exchange may not provide final approval of the Offering; the
proceeds of the Offering may not be used as stated in this news
release; the funds raised from the sale of the Flow-Through Shares
may not be renounced in favour of the holders; the Company may be
unable to satisfy all of the conditions to the closing required by
the TSX Venture Exchange. The forward-looking information contained
herein is given as of the date hereof and the Company assumes no
responsibility to update or revise such information to reflect new
events or circumstances, except as required by law.
SOURCE Northern Shield Resources Inc.