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OTTAWA, May 3, 2013 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSXV: NRN) is pleased to announce that it intends to increase the size of its previously announced brokered private placement financing from C$1.5 million to C$2.0million (the "Brokered Offering"), for total gross proceeds of C$2.7 million including the previously announce C$700,000 non-brokered private placement (together with the Brokered Offering, the "Offerings"). Macquarie Capital Markets Canada Ltd., as sole agent (the "Agent"), is conducting the Offering on a reasonable commercial efforts basis on the same terms as announced on April 22, 2013.
The net proceeds from the Offerings will be used to fund further exploration and development activities at Northern Shield's Ikertoq property in Greenland where Northern Shield has an option to earn a 50% interest, exploration at its 49% owned Wabassi property in northern Ontario and for general corporate purposes.
It is expected that the closing of the Offerings will occur on or about May 9, 2013 (the "Closing Date") subject to the satisfaction of certain conditions, including the approval of the TSX Venture Exchange.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) and nickel-copper-PGE exploration in Canada and Greenland and, copper-zinc-silver exploration on its Wabassi and Storm properties in northern Ontario. Its mission is to create a successful mineral exploration company through technical excellence and efficient management, where success is measured by the identification and development of high-quality mineral exploration projects, which may ultimately be optioned, sold or developed for maximum return on investment. For further information on Northern Shield and its properties, please visit our website.
This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and such securities may not be offered or sold within the United States or to a U.S. person absent registration or an applicable exemption from U.S. registration requirements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S. Securities Act.
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.
SOURCE: NORTHERN SHIELD RESOURCES INC.
For further information:
Northern Shield Resources Inc.
Ian Bliss President and CEO
Tel.: (613) 232-0459
Fax: (613) 232-0760
Renmark Financial Communications Inc.
Barry Mire: firstname.lastname@example.org
Tel.: (514) 939-3989 or (416) 644-2020