By Sheri Kasprzak
New York, July 10 - Northern Financial Corp. arranged a PIPE for up to C$1 million.
The deal includes up to 704,225 shares at C$1.42 apiece.
The company may increase the size of the offering to C$1.5 million.
Proceeds will be used for working capital for the company's wholly owned subsidiary Northern Securities Inc.
The placement is scheduled to close in one or more closings later this month.
Separately, the company also expects to raise C$3.5 million in a secured term loan. The 13% loan matures in 18 months.
Proceeds will be used to fund the company's merchant banking activities and provide working capital for Northern Securities.
Based in Toronto, Northern Financial owns Northern Securities, an investment dealer that provides financial advisory services to retail and institutional clients. Northern also provides investment banking services to small-cap companies.
| Issuer: | Northern Financial Corp.
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| Issue: | Stock
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| Amount: | C$1 million
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| Shares: | 704,225
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| Price: | C$1.42
|
| Warrants: | No
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| Pricing date: | July 10
|
| Stock symbol: | Toronto: NFC
|
| Stock price: | C$1.42 at close July 10
|
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