Northern Shield Closes Financing
Ottawa, Ontario (November 4, 2010) – Northern Shield Resources Inc. (“Northern Shield”) [TSX- V: NRN] is pleased that is has completed a non-brokered private placement (the “Private Placement”) of units at $0.16 per unit and flow-through shares at $0.18 per flow-through share for total gross proceeds of $415,700. Each unit consists of one common share and one-half of one warrant (a “Warrant”), with each whole Warrant being exercisable for one common share at a price of $0.25 for a period of 18 months; however, if prior to the expiry date the common shares close at a price of more than $0.50 per common share during any period of 20 consecutive trading days (the “Acceleration Period”), the expiry date shall be the date which is 5 trading days following the last trading day of the Acceleration Period. The proceeds from the Private Placement will be used for exploration on Northern Shield’s properties and for general corporate purposes. Finder’s fees of approximately $10,000 and broker’s warrants to acquire 62,500 common shares, having the same terms as the Warrants, are expected to be paid to certain parties in connection with the Private Placement. The Private Placement is subject to the approval of the TSX Venture Exchange.