By Sheri Kasprzak
New York, May 4 - Northern Star Mining Corp. has priced an C$11 million private placement.
The deal includes up to 10 million units at C$1.10 each.
The units are comprised of one share and one half-share warrant with each whole warrant exercisable at C$1.40 for two years.
The expiry will be accelerated to 30 days if the volume weighted average price of the company's stock is more than C$2.20 for 10 consecutive trading days.
A syndicate of underwriters led by MGI Securities Inc. and including Orion Securities Inc. has a greenshoe for up to 3 million units.
Proceeds will be used for development and exploration on the company's Midway gold project in Quebec and for working capital.
Vancouver, B.C.-based Northern Star is a gold exploration company.
| Issuer: | Northern Star Mining Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$11 million (maximum)
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| Units: | 10 million (maximum)
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| Greenshoe: | For 3 million units
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| Price: | C$1.10
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.40
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| Underwriters: | MGI Securities Inc. (lead); Orion Securities Inc.
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| Pricing date: | May 4
|
| Stock symbol: | TSX Venture: NSM
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| Stock price: | C$1.30 at close May 4
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