Northern Iron Provides Additional Details on Closing of Private Placement

Northern Iron (TSXV:NFE) has announced further to the release dated November 2, 2016 that the closing of the second tranche of its non-brokered private placement has been closed in escrow pending approval of the TSX Venture Exchange.
As quoted in the press release:

As previously announced by the Company, Hugh Business Enterprise Limited (“Hugh Enterprises”) purchased an aggregate of 25,900,000 units (“Units”) of the Company at a price of $0.05 per Unit as part of the Second Tranche, with each Unit consisting of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”).  Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.10 for a period of three (3) years from the date of issuance.
Until such date as the Company receives approval of the TSXV in accordance with its policies, following a review of the relevant personal information forms for Hugh Enterprises (the “TSXV Review”), the Company has fully closed only a portion of the private placement to Hugh Enterprises, being 16,820,949 Units, to bring the ownership of Hugh Enterprises to 9.99% of the issued and outstanding Common Shares on a non-diluted basis.  The remaining 9,079,051 Units and corresponding proceeds are being held in escrow by the Company pending the completion of the TSXV Review.

Click here to read the full press release.