By Sheri Kasprzak
New York, Oct. 4 - Northland Resources Inc. said it has arranged a non-brokered private placement for up to C$2.2 million.
The company plans to sell up to 4 million units at C$0.55 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.60 each for one year.
Proceeds will be used for exploration and development on the company's projects in Finland and Sweden. The rest will be used for working capital.
Based in Vancouver, B.C., Northland is an iron, gold and base metal exploration company.
| Issuer: | Northland Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2.2 million (maximum)
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| Units: | 4 million (maximum)
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| Price: | C$0.55
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.60
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| Pricing date: | Oct. 4
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| Stock price: | C$0.60 at close Oct. 4
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