Chairman and CEO Acquires Additional Common Shares of Northern and Northern Closes Remainder of Private Placement in Escrow
August 01 2012 - 6:06AM
PR Newswire (Canada)
TORONTO, Aug. 3, 2012 /CNW/ - Northern Financial Corporation
("Northern" or the "Company") announced the acquisition of
2,000,000 common shares of Northern on July 31, 2012,
by Mr. Vic Alboini, Chairman and Chief Executive Officer of
Northern under Northern's previously announced private placement.
Northern also announces the issuance of an additional 2,000,000
common shares of Northern in escrow at a price of $0.05 per common
share, completing the previously announced non-brokered private
placement. Mr. Alboini acquired 2,000,000 common shares of
Northern, representing approximately 4.9% of Northern's total
issued shares. Prior to the transaction and upon the completion of
the first tranche of the private placement, Mr.
Alboini owned 9,340,236 common shares representing
approximately 25.5% of the then issued and outstanding common
shares. Mr. Alboini owns or has control or direction over
11,340,236 common shares representing approximately 27.9% of the
issued and outstanding Common Shares. The common shares were issued
to Mr. Alboini under a private placement of common shares
by Northern previously announced on June 28, 2012, at a cost
of $0.05 per common share. Mr. Alboini may,
directly or indirectly, depending on market and other conditions,
acquire beneficial ownership of, control or direction over,
additional common shares, through market transactions, private
agreements or otherwise. Mr. Alboini may, depending on
market and other conditions, sell any or all of the common shares.
About Northern Financial Corporation Northern Financial Corporation
wholly owns Northern Securities Inc., a full service investment
dealer that provides financial advisory services to retail and
institutional clients and investment banking services to small
capitalization companies. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this news release.
This press release may contain forward-looking statements with
respect to the Company, its operations, strategy, financial
performance and condition. These statements generally can be
identified by use of forward looking words such as "may", "will",
"expect", "estimate", "anticipate", intends", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of the Company discussed herein
could differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, competition, changes in government
regulations and the factors described under "Risk Factors" in the
Management's Discussion and Analysis and Filing Statement of the
Company which are available at www.sedar.com. The cautionary
statements qualify all forward-looking statements attributable to
the Company and persons acting on their behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of
this press release and the Company has no obligation to update such
statements. Northern Financial Corporation CONTACT: Vic
AlboiniChairman and CEO(416) 644-8110
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