By Devika Patel
Knoxville, Tenn., Dec. 18 - Northern Continental Resources Inc. announced it will raise another C$1.54 million through another private placement of units with the Mineral Fields Group and 49 North Flow-Through LP.
A similar deal with Mineral Fields priced on Nov. 26 and settled Dec. 11.
In this placement, the company will sell C$1.5 million in flow-through units to the Mineral Fields Group and C$40,000 of the units to 49 North.
The company is selling a total of 3.85 million flow-through units of one flow-through share and one half-share warrant at C$0.40 per unit. Each whole warrant will be exercisable at C$0.60 for one year.
Proceeds will be used for exploration.
Northern Continental is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Northern Continental Resources Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$1.54 million
|
| Units: | 3.85 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Investors: | Mineral Fields Group (for C$1.5 million), 49 North Flow-Through LP (for C$40,000)
|
| Pricing date: | Dec. 18
|
| Stock symbol: | TSX Venture: NCR
|
| Stock price: | C$0.28 at close Dec. 17
|
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