Northern Lights Resources Corp. (“Northern Lights” or the “Company”) (CNSX:NLR) is pleased to announce that it has arranged a non-brokered private placement financing of up to 65,000,000 units (the “Units”) at a price of $0.05 per Unit for gross proceeds of up to $3,250,000 (the “Private Placement”).
Northern Lights Resources Corp. (“Northern Lights” or the “Company”) (CNSX:NLR) is pleased to announce that it has arranged a non-brokered private placement financing of up to 65,000,000 units (the “Units”) at a price of $0.05 per Unit for gross proceeds of up to $3,250,000 (the “Private Placement”). Each Unit will consist of one common share (“Share”) and one share purchase warrant (“Warrant”). Each Warrant is exercisable into one Share at a price of $0.075 per Share for a period of 24 months following the date of issue of the Units.
In conjunction with the announcement of the Private Placement, the Company is extremely pleased to announce it has received a subscription from one strategic investor (the “Strategic Investor”) for 55,000,000 Units or $2,750,000. The Strategic Investor has also entered into a lockup agreement with the Company whereby the Strategic Investor has undertaken not to sell, trade or otherwise dispose of the Shares or Warrants subscribed for in the Financing for an escrow period as follows:
The Company intends to use the proceeds from the Private Placement for funding exploration drilling at its Medicine Springs Project in Nevada, for new opportunities and for general working capital purposes.
Northern Lights CEO, Jason Bahnsen commented “This financing will ensure Northern Lights is fully funded to complete the recently announced Phase 1 drilling program at our flagship Medicine Springs silver/lead/zinc project in Nevada and will also well position the Company to explore new business opportunities.”
1.About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth oriented exploration and development company that is advancing the Medicine Springs Project located in Nevada. Northern Lights is earning a 100% equity interest in the Medicine Springs Project, a prospective silver – zinc – lead property located in southeastern Elko County, Nevada.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.