OTTAWA,
ON, Nov. 1, 2024 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company")
(TSXV: NRN) announces that the Company intends to extend the
exercise period of a total of 6,605,385 common share purchase
warrants, 4,100,000 of which are exercisable at $0.10 per common share and 2,505,385 of which are
exercisable at $0.125 per common
share (collectively, the "Warrants"). The Warrants were
issued pursuant to a private placement which closed on November 24, 2022. The Company proposes to extend
the expiry dates for these Warrants by one (1) additional year, and
accordingly, the new expiry dates for the Warrants will be
November 24, 2025.
All other terms and conditions of the Warrants remain unchanged.
The Warrant extension is subject to acceptance by the TSX Venture
Exchange.
A total of 1,000,000 Warrants are held by parties who are
considered to be "related parties" of the Company. Therefore, the
amendment of Warrants constitutes a "related party transaction" as
contemplated by Multilateral Instrument 61-101 Protection of
Minority Shareholders in Special Transactions, and TSXV Policy 5.9
- Protection of Minority Shareholders in Special Transactions.
However, the exemptions from formal valuation and minority approval
requirements provided for by these guidelines can be relied upon as
the fair market value of the Warrants does not exceed 25% of the
market capitalization of the Company. A material change report in
respect of this related party transaction will be filed by the
Company.
About Northern
Northern Shield Resources Inc. is a Canadian-based company focused
on generating high-quality exploration programs with experience in
many geological terranes. It is known as a leader in executing
grass roots exploration programs using a model driven approach.
Seabourne Resources Inc. is a wholly-owned subsidiary of Northern
Shield focussing on epithermal gold and related deposits in
Atlantic Canada.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains forward-looking statements, which
relate to future events or future performance and reflect
management's current expectations and assumptions, including the
acceptance of the extension to the term of the warrants by the TSX
Venture Exchange. Such forward-looking statements reflect
management's current beliefs and are based on assumptions made by
and information currently available to the Company. Investors are
cautioned that these forward looking statements are neither
promises nor guarantees, and are subject to risks and uncertainties
that may cause future results to differ materially from those
expected. These forward-looking statements are made as of the date
hereof and, except as required under applicable securities
legislation, the Company does not assume any obligation to update
or revise them to reflect new events or circumstances except as
required by applicable law. All of the forward-looking statements
made in this press release are qualified by these cautionary
statements and by those made in our filings with SEDAR in
Canada (available at
www.sedar.com).
SOURCE Northern Shield Resources Inc.
