Northern Shield Completes First Tranche of Financing for Gross Proceeds of $1,000,000
Ottawa, Ontario (June 30, 2016) - Northern Shield Resources Inc. ("Northern Shield" or the "Company") [TSX-V: NRN] is pleased to announce that it has completed the first tranche of a non-brokered private placement (the "Private Placement") of 6,250,000 units ("Units") at a price of $0.16 per Unit for aggregate gross proceeds of $1,000,000. Each Unit is comprised of one common share in the capital of Northern Shield (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 $0.22 per share until July 1, 2019 provided that should the Common Shares trade on the TSX Venture Exchange (the "TSXV") for 20 consecutive trading days at a price equal to or more than $0.50, the Warrants will expire five days later. The Common Shares and Warrants underlying the Units are subject to a four month hold period from the date of issuance and the Private Placement remains subject to the final approval of the TSX Venture Exchange.