By Sheri Kasprzak
New York, Nov. 16 - Northland Resources Inc. said it has completed a private placement of units for C$2.5 million.
The company issued 4,545,454 units at C$0.55 each on a non-brokered basis.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share 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 mineral exploration company focused on iron, gold and base metals.
| Issuer: | Northland Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2.5 million
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| Units: | 4,545,454
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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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| Placement agent: | Non-brokered
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| Settlement date: | Nov. 16
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| Stock price: | C$0.58 at close Nov. 16
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