Northern Lights closes private placement for $2.81M

Aug 20, 2020

2020-08-19 16:36 ET – News Release

Mr. Albert Timcke reports

NORTHERN LIGHTS COMPLETES $2.2 MILLION PRIVATE PLACEMENT FINAL TRANCHE WITH A LEAD ORDER FROM PALISADES GOLDCORP

Northern Lights Resources Corp. has completed the non-brokered private placement that was announced on July 11, 2019, with total gross proceeds raised of $2,817,890 with a lead order from Palisades Goldcorp.

On January 3, 2020, Northern Lights announced the closing of the first tranche of the Private Placement, raising total gross proceeds of $631,389.

In today’s final tranche of the Private Placement, Northern Lights has raised additional gross proceeds of $2,186,501 though the sale of 43,730,014 units of the Company, (the “Units”), at a price of $0.05 per Unit with lead order received from Palisades Goldcorp. Northern Lights management also participated in the Private Placement subscribing for 1,000,000 Units. A total of 80 individual investors participated in the final tranche of the Private Placement.

Together with the proceeds from the first tranche announced on January 3, 2020, Northern Lights has raised total gross proceeds of $2,817,890 in the Private Placement. Proceeds from the first tranche of the financing were applied to the purchase of the Company’s 100% interest in the Secret Pass Gold Project in Arizona. The proceeds of the final tranche of financing will be utilized for exploration work including drilling at both the Secret Pass and Medicine Springs projects, and for general working capital purposes.

Each Unit consists of one common share of the Company (a “Share”) and one full Share purchase warrant (each a “Warrant”). Each Warrant is exercisable into one Share at a price of $0.075 per Share for 24 months following the date of issue. The Units and underlying securities are subject to the usual four months and a day hold period in accordance with applicable securities legislation and CSE requirements.

The Company has paid total finders fees of $121,200 and 2,144,000 broker warrants in relation to the financing.

Following the completion of the financing, Northern Lights will have 108,270,668 shares on issue.

The issue of the securities associated with the Private Placement are subject to the approval of the CSE and other regulatory bodies.

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.

We seek Safe Harbor.

https://northernlightsresources.com/