Proceeds fund exploration of company's portfolio, corporate purposes
By Devika Patel
Knoxville, Tenn., April 12 - Northern Lion Gold Corp. said it has arranged a non-brokered private placement of units. It will raise C$2.5 million.
The company will sell 5,555,555 units of one common share and a half-share warrant at C$0.45 per unit.
Each whole warrant is exercisable at C$0.55 for one year. The strike price reflects a 15.79% premium to the closing share price of C$0.475 on April 11.
Proceeds will be used for exploration on the company's portfolio of gold-copper massive sulphide and shear targets in the Republic of Cyprus, and general working capital.
Vancouver, B.C.-based Northern Lion explores for gold.
| Issuer: | Northern Lion Gold Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2.5 million
|
| Units: | 5,555,555
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.55
|
| Agent: | Non-brokered
|
| Pricing date: | April 12
|
| Stock symbol: | TSX Venture: NL
|
| Stock price: | C$0.475 at close April 11
|
| Market capitalization: | C$15.01 million
|
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