/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
OTTAWA, Jan. 28, 2020 /CNW/ - Northern Shield Resources
Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to
announce that it has closed a non-brokered private placement
financing for proceeds of $300,000
(the "Private Placement"). The Private
Placement consisted of 3,333,333 units ("Units")
at $0.09 per Unit with each Unit
comprised of one common share in the capital of the Company (a
"Common Share") and one-half of one Common Share purchase
warrant (a "Warrant"). Each whole Warrant is
exercisable for one Common Share at a price of $0.18 per share for a period of 24 months from
closing. Proceeds from the Offering will be used for working
capital purposes and exploration activities at the Shot Rock and
Root & Cellar properties.
"We are very pleased that our eastern Canadian
low sulphidation, epithermal gold projects caught the attention of
Mr. McEwen. We are in the process of mobilizing a drill to Shot
Rock in Nova Scotia and should
expect drill results by Q2/20. In addition, airborne geophysics is
underway at Root & Cellar in Newfoundland with the intent of getting this
property to the drilling phase by the second half of 2020."
Northern Shield President and CEO,
Ian
Bliss
Closing of the Private Placement is subject to final approval of
the TSX Venture Exchange. The Company paid an aggregate of
$15,000 in finders fees and issued
166, 667 finders Warrants in connection with the Private Placement.
Securities issued under the Private Placement are subject to
restrictions on resale for a period of four months from the date of
closing.
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
program for Ni-Cu-PGEs and utilizing expertise and innovation
toward working on other deposit types. Seabourne Resources Inc. is
a wholly-owned subsidiary of Northern Shield focussing on
epithermal gold and related deposits in Atlantic Canada and elsewhere.
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.
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 use of
proceeds of the Private Placement, closing conditions and TSX
Venture Exchange approval of the Private Placement. 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 that the TSX
Venture Exchange may not provide final approval of the Private
Placement; the proceeds of the Offering may not be used as stated
in this news release;; the Company may be unable to satisfy all of
the conditions to closing imposed by securities regulators. 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.
This news release also contains statements concerning the
exploration plans, results and potential for epithermal gold
deposits, at the Company's Nova
Scotia and Newfoundland
properties, and other expectations, plans, goals, objectives,
assumptions, information or statements about future, conditions,
results of exploration or performance that may constitute
forward-looking statements or information under applicable
securities legislation. Such forward-looking statements or
information are based on a number of assumptions, which may prove
to be incorrect.
SOURCE Northern Shield Resources Inc.