By Sheri Kasprzak
New York, April 27 - Northland Resources Inc. said the greenshoe on its previously announced private placement was exercised, lifting total proceeds of the deal to C$20.25 million.
The company will now sell 15 million shares at C$1.35 each, including the greenshoe for 3 million shares exercised by placement agent Pareto Private Equity ASA.
The deal priced on April 4 as a C$16.2 million offering of 12 million shares.
Proceeds will be used for development of the company's projects in Sweden and Finland and the advancement of the company's iron-oxide-copper-gold targets.
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: | Stock
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| Amount: | C$20.25 million
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| Shares: | 15 million (Includes greenshoe for 3 million shares)
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| Price: | C$1.35
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| Warrants: | No
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| Placement agent: | Pareto Private Equity ASA
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| Pricing date: | April 4
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| Greenshoe exercised: | April 27
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| Stock symbol: | TSX Venture: NAU
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| Stock price: | C$1.61 at close April 4
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| Stock price: | C$1.53 at close April 27
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