Non-brokered deal raises funding for exploration in Cyprus, Portugal
By Devika Patel
Knoxville, Tenn., Oct. 29 - Northern Lion Gold Corp. said it plans a non-brokered private placement of units. The deal will raise C$1.5 million.
The company will sell 7.5 million units of one common share and one half-share warrant at C$0.20 per unit.
Each whole warrant will be exercisable at C$0.30 for 18 months. The strike price represents a 25% premium to the Oct. 28 closing share price of C$0.24.
Settlement is expected Nov. 15.
Proceeds will be used to continue exploration on the company's portfolio of gold-copper massive sulphide and shear targets in the Republic of Cyprus and on the Moura lead-zinc-silver project in southeastern Portugal and for general working capital.
Northern Lion is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Northern Lion Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 7.5 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 29
|
| Settlement date: | Nov. 15
|
| Stock symbol: | TSX Venture: NL
|
| Stock price: | C$0.24 at close Oct. 28
|
| Market capitalization: | C$8.13 million
|
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