Northern Gold Mining wraps C$10.87 million private placement of shares

Offering raises proceeds for exploration and working capital

By Devika Patel

Knoxville, Tenn., Sept. 16 - Northern Gold Mining Inc. said it completed a C$10.87 million non-brokered private placement of shares. Lead investors included funds managed by Sprott Asset Management LP.

The company sold 14,519,182 flow-through common shares at C$0.44 apiece and 11,205,078 hard-dollar common shares at C$0.40 apiece.

The prices per share are 15.79% and 5.26% premiums to the Sept. 15 closing share price of C$0.38.

Proceeds will be used for exploration on the company's Garrison Gold property in northern Ontario and for working capital.

Northern Gold Mining is a Toronto junior resource company focused on the acquisition and exploration of base and precious metal mineral properties.

Issuer:	Northern Gold Mining Inc.
Issue:	Flow-through common shares, hard-dollar common shares
Amount:	C$10,870,471
Warrants:	No
Agent:	Non-brokered
Investors:	Sprott Asset Management LP (lead)
Settlement date:	Sept. 16
Stock symbol:	TSX Venture: NGM
Stock price:	C$0.39 at close Sept. 16
Market capitalization:	C$46.4 million
Flow-through shares
Amount:	C$6,388,440
Shares:	14,519,182
Price:	C$0.44
Hard-dollar shares
Amount:	C$4,482,031
Shares:	11,205,078
Price:	C$0.40

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