Northern Shield Completes Private Placement for Gross Proceeds of $200,000 Tempest Drilling to Resume After Winter Break-up
Ottawa, Ontario (April 12, 2012) – Northern Shield Resources Inc. (“Northern Shield”) [TSX-V: NRN] is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) with SIDEX Limited Partnership for gross proceeds of $200,000 by issuing 909,091 units (“Units”) at $0.22 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant is exercisable for one common share at a price of $0.40 per common share for a period of 24 months. The Units are subject to a hold period of 4 months from the date of issuance and the Private Placement is subject to the final approval of the TSX Venture Exchange. The proceeds from the Private Placement will be primarily used for Northern Shield’s PGE exploration efforts in Quebec.