/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA,
ON, Nov. 22, 2024 /CNW/ - Northern Shield
Resources Inc. ("Northern Shield" or the "Company")
(TSXV: NRN) is pleased to announce that it has closed the
first tranche of a multi-faceted, non-brokered, private placement
of 5,000,000 units for total proceeds of $250,000 (the "Offering").
The Offering was comprised of 5,000,000 flow-through units
("Flow-Through Units") at a price of $0.05 per Flow-Through Unit for aggregate gross
proceeds of $250,000 with each
Flow-Through Unit consisting of one Common Share issued on a
flow-through basis within the meaning of the Income Tax Act
(Canada) and one-half of one
Common Share purchase warrant (a "FT Warrant"). Each
whole FT Warrant is exercisable for one Common Share at a price of
$0.11 per share within 24 months of
the closing. Proceeds from the Offering will be used to incur
eligible exploration expenses at the Root & Cellar Property
including a diamond drill program being planned for early winter.
The Company paid $15,000
in finders fees in connection with the Offering.
Securities issued under the Offering are subject to restrictions
on resale for a period of four months and a day from the date of
closing. The Offering is subject to final approval of the TSX
Venture Exchange. The Company anticipates closing additional
tranches before the end of 2024.
None of the securities sold in connection with the
Offering will be registered under the United States Securities Act
of 1933, as amended, and no such securities may be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Northern Shield Resources
Northern Shield Resources Inc. is a Canadian-based company known
as a leader in generating high-quality exploration targets that
views greenfield exploration as an opportunity to find a Tier
1 asset, near surface, and at relatively low cost. We implement a
model driven exploration approach to reduce the risk associated
with early-stage projects for ourselves, our shareholders, and the
environment. This approach led us to option the Root & Cellar
Property from a Newfoundland
prospector, who discovered the mineralization, and then its
advancement to a large gold-silver-tellurium system.
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 information which is
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ from those
projected in the forward-looking statements. Forward looking
statements in this press release but are not limited to, statements
with respect to the expectations of management regarding the
Offering, the expectations of management regarding the closing of
additional tranches, the use of proceeds of the Offering, closing
conditions for the Offering, and TSX Venture Exchange final
approval of the Offering. These forward-looking statements are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking information. Risks that
could change or prevent these statements from coming to fruition
include the TSX Venture Exchange may not provide final approval of
the Offering; the Company may be unable to identify additional
subscribers; the proceeds of the Offering may not be used as stated
in this news release; the funds raised from the sale of the
Flow-Through Units may not be renounced in favour of the holders;
the Company may be unable to satisfy all of the conditions to the
closing required by the TSX Venture Exchange. The forward-looking
information contained herein is given as of the date hereof and the
Company assumes no responsibility to update or revise such
information to reflect new events or circumstances, except as
required by law.
SOURCE Northern Shield Resources Inc.
