Northern Sphere Mining Corp. Announces Closing of Private Placement
Toronto, Ontario--(Newsfile Corp. - May 18, 2016) - Northern Sphere Mining Corp. (CSE: NSM) ("Northern Sphere" or the "Company") is pleased to announce the closing of its second and final tranche of its previously announced private placement. The Company issued 1,335,000 common shares at a price of $0.20 per common share for aggregate gross proceeds of $267,000.
Together with the first tranche of the private placement, the Company issued a total of 2,810,000 common shares for aggregate gross proceeds of $562,000, representing an oversubscription of 310,000 common shares or 12.4% of the original offering.
Common shares issued pursuant to the private placement are subject to a four-month hold period from the date of closing. The net proceeds from the private placement will be used towards ongoing development of mining assets and for general working capital.
About Northern Sphere Mining Corp.
Northern Sphere Mining is dedicated to growth through the acquisition and development of mining assets, with an emphasis on near term production opportunities. Headquartered in Toronto, Ontario, Northern Sphere Mining has a strong project pipeline of properties with a focus on gold, silver and other metal production in pro-mining jurisdictions.
Cautionary Statements
This press release contains forward-looking statements which reflect Northern Sphere's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Northern Sphere disclaims any obligation to update these forward-looking statements other than as required by applicable securities laws.
For further information, please contact:
John Carter
Chief Executive Officer
Northern Sphere Mining Corp.
Tel: 905-302-3843
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
