Northern Iron Enters Investment Agreement

Northern Iron Corp. (TSXV:NFE,FWB:N8I) has entered an investment agreement with Hong Kong’s OMC Investments Ltd..

As quoted in the press release:

Pursuant to the terms of the Investment Agreement, on closing of the intended transaction, the Company has agreed to issue 19,048,000 units to OMC (a “Unit”) by way of private placement at a price of $0.05 per Unit, for aggregate gross proceeds of $952,400 (the “Private Placement”). Each Unit will consist of one common share in the capital of Northern Iron (“Common Share”) and one Common Share purchase warrant, with each warrant (“Warrant”) being exercisable by OMC for a period of three years from the date of closing of the Private Placement at a price of $0.05 per Common Share.

Northern Iron president and CEO, Basil Botha, said:

These transactions provide Northern Iron with a clear path forward at a time when financing for juniors is extremely difficult.

Click here to read the Northern Iron Corp. (TSXV:NFE,FWB:N8I) press release