VANCOUVER, BC / TheNewswire / February 23, 2018 – Northern Lights Resources Corp. (the "Company" or "Northern Lights") is pleased to announce that it has received Conditional Listing Approval from the Canadian Securities Exchange (the "CSE" or the "Exchange").
In connection with the listing approval from the CSE, Northern Lights intends to complete a non-brokered private placement of up to 15,000,000 units (each a "Unit") at a price of C$ 0.10 per Unit for gross proceeds of up to C$ 1,500,000 ("Unit Financing"). Each Unit will consist of one common share ("Common Share") and one share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire one Common Share for C$ 0.20 for a period of two years.
The Warrants will include an acceleration clause whereby if the daily closing price of the Company’s Common Shares on the Exchange is equal to or greater than $ 0.30 per share for 20 consecutive trading days at any time following four months after the date of closing of the Unit Financing, the Company may, by notice to the Warrant holders, reduce the remaining exercise period of the Warrants to not less than 30 days following the date of such notice.
The proceeds from the Unit Financing will be used to provide working capital and sufficient funds to meet its first year of work commitments on the Medicine Springs Zinc-Lead-Silver project in Nevada and the Del Undur polymetallic/titanium project in Mongolia. The Conditional Listing Approval from the CSE is subject to the Unit Financing raising minimum gross proceeds of C$ 1,000,000.
The Unit Financing is subject to regulatory approval.
Northern Lights Executive Chairman and President, Mr. Rick Timcke commented, "The CSE Conditional Listing Approval is a key step in the development and listing of the Company. This approval allows Northern Lights to begin raising funding to develop its flagship Medicine Springs Zinc-Lead-Silver project in Nevada. The Company intends to announce its detailed exploration programme for 2018 in the coming weeks."
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth oriented exploration and development company with two advanced exploration projects:
1.Medicine Springs Project – Northern has entered into an agreement to acquire 100% equity interest in the Medicine Springs Project, a prospective zinc-lead-silver property in southeastern Elko County, Nevada. The Medicine Springs property consists of 149 unpatented mineral claims (1,206 hectares) and is an advanced exploration project with extensive drilling and many significant silver-zinc-lead intercepts; and,
2.Del Undur Project – Northern has entered into an agreement to acquire 100% equity interest in Del Undur polymetallic and titanium exploration project located in in northeastern Mongolia.
For further information, please contact:
1.Albert Timcke, Executive Chairman and President
Tel: +1 604 608 6163
2. Jason Bahnsen, Chief Executive Officer
Tel: +1 604 608 6163
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of proposed transaction; the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed new business; and the relisting of the Company’s shares on the CSE. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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