Offering conducted on a non-brokered basis and by Macquarie Capital
By Devika Patel
Knoxville, Tenn., May 3 - Northern Shield Resources Inc. said it increased a private placement of stock to C$2 million from C$1.5 million. Macquarie Capital Markets Canada Ltd. is the agent for the deal, which priced April 22. The company also plans to raise C$700,000 on a non-brokered basis.
The company is selling common shares at C$0.11 each on a reasonable commercial efforts basis. The price per share represents an 8.33% discount to the April 19 closing share price of C$0.12.
Settlement is expected May 9.
Proceeds will be used for exploration and development activities at Northern Shield's Wabassi property in Ontario, exploration at Ikertoq in Greenland and for general corporate purposes.
Northern Shield is a platinum and diamond explorer in Ottawa.
| Issuer: | Northern Shield Resources Inc.
|
| Issue: | Common stock
|
| Amount: | C$2.7 million
|
| Price: | C$0.11
|
| Warrants: | No
|
| Agent: | Macquarie Capital Markets Canada Ltd. (for C$2 million), non-brokered (for C$700,000)
|
| Pricing date: | April 22
|
| Upsized: | May 3
|
| Settlement date: | May 9
|
| Stock symbol: | TSX Venture: NRN
|
| Stock price: | C$0.12 at close April 19
|
| Market capitalization: | C$21.74 million
|
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