Northern Empire Closes Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 17, 2016) -
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Northern Empire Resources Corp. (TSX VENTURE:NM) (the "Company" or "Northern Empire") today announced the closing of a non-brokered private placement of 3,600,000 units of the Company at a price of $0.10 per unit for gross proceeds of C$360,000.
Each unit consists of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share at a price of C$0.15 per common share until February 17, 2019.
Northern Empire will apply the net proceeds of the offering to hold and advance the Company's portfolio of gold exploration projects in North America, including the Richardson Property gold project in Alaska, and for general corporate purposes.
The Company paid commissions to finders under the placement consisting of aggregate cash commissions of C$1,500 and the issuance of an aggregate of 15,000 finder's warrants. Each finder's warrant entitles the holder to purchase one common share of the Company at a price of C$0.15 per common share until February 17, 2019.
All securities issued or issuable under the offering are subject to a four-month hold period expiring on June 18, 2016, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Final closing of this Offering is subject to final acceptance by the TSX Venture Exchange.
About Northern Empire
Northern Empire follows the "Project Generator" business model to take advantage of the depressed market conditions in the resource sector to acquire low acquisition and low holding cost properties with significant exploration potential.
A Project Generator identifies, acquires, and performs early stage exploration on compelling exploration targets before finding project partners to bear the financial risk associated with advanced exploration.
Northern Empire's experienced board and management team feels that executing the Project Generator business model is the most practical way to provide investors the potential excitement and value creation of mineral discoveries, without the financial risks and equity dilution of standard exploration programs.
ON BEHALF OF THE BOARD OF Northern Empire Resources Corp.
James R. Paterson, President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Northern Empire Resources Corp. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Northern Empire does not assume the obligation to update any forward-looking statement, except as required by applicable law.
