NLRCF - Northern Lights Amends Private Placement Terms and Announces Closing of First Tranche - Raising $227500
(TheNewswire)
Vancouver, BritishColumbia – TheNewswire - July 27, 2022- Northern Lights Resources Corp. (“NorthernLights”, “NLR” or the “Company”) (CSE:NLR ) , (CNSX:NLR.CN), ( OTC:NLRCF) announces it is amending the terms of the private placementannounced on June 1, 2022 (and amended July 5, 2022) to include ashare purchase warrant.
Under the amended private placement terms, NorthernLights intends to complete a non-brokered private placement to raisegross proceeds of up to $1,000,000 through the issuing of up to20,000,000 Units at a price of $0.05 per Unit (the “Placement”). Each Unit consists of one common share of theCompany (a “Share”) and one full share purchase warrant (each a“Warrant”). Each Warrant is exercisable into one Share at a priceof $0.10 per Share for 24 months following the date of issue.
The Company is also pleased to announce that it hascompleted a first tranche of the Placement issuing 4,550,000 Units fortotal gross proceeds of $227,500. The Units and underlying securitiesare subject to the usual four months and a day hold period inaccordance with applicable securities legislation and CSErequirements. The private placement as announced on June 1, 2022remains open.
The Company has not paid any finders fees in relationto this first tranche of the Placement.
The Company intends to use the net proceeds raised fromthe Placement for the exploration of the Company’s Secret Pass GoldProject located in Northwestern Arizona, USA and for general workingcapital purposes.
The Placement may be completed in multiple tranches andis subject to receipt of executed subscription agreements and funds aswell as customary closing conditions, including regulatory approvalsas required.
In accordance with applicable securities laws, theShares issued under the Placement will be sold to accredited investorsor other investors who are exempt from prospectus requirements andwill be subject to a four-month hold period in Canada. While thePlacement is non-brokered, referral fees may be paid on a portion ofthe proceeds to eligible persons, where permitted by applicable law.
The securities offered have not been registered underthe U.S. Securities Act of 1933, as amended (the “U.S. SecuritiesAct”), or any applicable state securities laws, and may not beoffered or sold to, or for the account or benefit of, persons in theUnited States or “U.S. persons,” as such term is defined inRegulation S promulgated under the U.S. Securities Act, absentregistration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or thesolicitation of an offer to buy nor shall there be any sale of thesecurities in any jurisdiction in which such offer, solicitation orsale would be unlawful.
In addition, the Company announces that share purchasewarrants expiring August 19, 2022 have now been extended by threeyears. Post the share consolidation, announced on May 17, 2022, thereare now 4,587,401 share purchase warrants exercisable at $0.75 pershare expiring August 19, 2025.
No securities regulatory authority has either approvedor disapproved of the contents of this news release.
For further information on Northern Lights Resourcesplease contact:
| Albert Timcke, Executive Chairman andPresident |
| Jason Bahnsen, Chief Executive Officer Email: Jason@northernlightsresources.com Tel: +1 604 608 6163 |
Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
AboutNorthern Lights Resources Corp.
Northern Lights Resources Corp is a growth-orientedexploration and development company that is advancing two projects:The 100% controlled, Secret Pass Gold Project located in MohaveCounty, Arizona; and the Medicine Springs silver-zinc-lead Projectlocated in Elko County, Nevada where Northern Lights is earning 100%in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of“NLR” on the CSE. This and other Northern Lights Resources newsreleases can be viewed at www.sedar.com and www.northernlightsresources.com .
NOT FOR DISTRIBUTION TO OR FOR DISSEMINATION IN THE UNITEDSTATES
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