Northern Lights Resources Corp. Completes Settlement of $2.2 Million Private Placement
Northern Lights Resources Corp. (the "Company" or "Northern Lights") (CNSX:NLR.CN) is pleased to announce that it has completed the settlement of the non-brokered private placement that was announced closed on August 19,2020 (the "Private Placement"). The Company has issued 43,730,014 common shares (the "Shares") and 45,874,014 warrants (the "Warrants"). The Shares are subject to a standard hold period until December 20, 2020. Each Warrant is exercisable into one common share of the Company at an exercise price of $0.075 until August 19, 2022.
Northern Lights has received total gross proceeds of $2,186,501 from the closing of the Private Placement. The proceeds will be utilized for exploration work on the Company's Secret Pass gold project in Arizona and the Medicine Springs silver lead zinc project in Nevada and for general working capital purposes.
The Company has paid total finders fees of $121,200 and 2,144,000 broker warrants in relation to the closing of the Private Placement.
Northern Lights current total shares on issue are 108,270,688.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Or
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
About Northern Lights Resources Corp.
Northern Lights Resources Corp. is a growth oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead property located in Elko County Nevada where Northern Lights is earning 100%.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
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. 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.
