Vancouver, British Columbia / TheNewswire / October 31, 2018 - Northern Lights Resources Corp. (CSE:NLR) (the "Company") is pleased to announce that the Canadian Stock Exchange "CSE" has accepted the Company's relisting application and has received trading approval with the closing of a first tranche of a non-brokered private placement financing of 11,005,000 units of the Company (the "Units") at a price of $0.10 per Unit, for total gross proceeds of $1,100,500 (the "Offering").
Each Unit consists of one common share of the Company (a "Share") and one full share purchase warrant (each a "Warrant"). Each Warrant is exercisable into one Share at a price of $0.20 per Share for 24 months following the closing date, subject to an accelerated expiry if the closing price of the Shares is equal to or greater than $0.30 for twenty (20) consecutive trading days at any time following four months after the date of closing.
With the completion of the Offering, the Company has 45,162,232 common shares issued and outstanding and 11,005,000 warrants outstanding.
Northern Lights Resources Corp is a growth oriented Company focusing on exploring and developing high quality resources projects globally. The Company's board of directors and executives consists of Albert R. Timcke (Executive Chairman and President), Jason Bahnsen (Chief Executive Officer), Leon Ho (CFO), Richard Kelertas (Independent Director), Gordon Tainton (Independent Director) and Graham Keevil (Director).
The Company began acquiring mineral projects in June 2017 with the agreement to acquire a 100% interest in the Del Undur titanium polymetallic project in Mongolia followed by the agreement in August 2017 to acquire a 100% interest in the Medicine Springs silver / zinc / lead project in Nevada. During this period the Company raised over $1.2 million in funding used for project development, restructuring and working capital purposes.
The Medicine Springs project consists of 149 unpatented mineral claims (1,206 hectares) located in Elko County Nevada. It is an historical producer of silver and lead and was last subject to exploration drilling in the 1990's with many significant silver-zinc-lead intercepts. Northern Lights has filed a NI43-101 Technical Report on the Medicine Springs project on SEDAR.
The Del Undur project consists of a 20,000 hectare mineral lease with significant polymetallic and titanium mineralization. The project is located in in northeastern Mongolia, close to the Russian and Chinese border.
The Company will shortly announce an update on exploration activities on its two development properties, Medicine Springs and Del Undur.
Complete details of the Company's business are as set out in the Company's Listing Statement dated October 22, 2018 and filed on SEDAR.
For further information, please contact:
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 the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering; 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.