Northern Abitibi Mining Corp.
TSX VENTURE : NAI

Northern Abitibi Mining Corp.

September 04, 2009 11:35 ET

Northern Abitibi Closes Non-Brokered Financing

CALGARY, ALBERTA--(Marketwire - Sept. 4, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Northern Abitibi Mining Corp. (TSX VENTURE:NAI) ('Northern Abitibi') is pleased to announce that it has closed a non-brokered private placement for 1,332,833 units ("Common Units") at a price of $0.15 per Common Unit and 1,818,181 flow-through units ("FT Units") at a price of $0.165 per FT Unit for gross proceeds of $500,000.

Each Common Unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at a price of $0.22 per share until September 4, 2011.

Each FT Unit consists of one common flow-through share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at a price of $0.23 per share until September 4, 2011.

All securities issued are subject to a hold period until January 5, 2010. A total of 60,696 FT Units were issued to directors. There were no finders fees paid in connection with this financing.

Proceeds of the financing are to be used to fund a portion of the proposed 2009 exploration at the Viking gold property in Newfoundland, and for general working capital. A minimum 2000 to 3000 metre drill program, along with trenching and mapping on the Viking property commenced in May 2009 and will continue into October or November 2009. The exploration program will be designed to expand and delineate near-surface high-grade gold resources and test high priority targets.

Northern Abitibi

Northern Abitibi's technical team of experienced, professional geologists are assembling a portfolio of gold, nickel and other base metal projects from opportunities within Canada, Mexico and the United States. Northern Abitibi can earn a majority interest in the Viking project from Altius Resources Inc. by making staged share and cash payments and funding exploration over a period of 4 years. A description of the Viking project can be found on our website at www.naminco.ca.

Dr. Shane Ebert, P.Geo., is the Qualified Person responsible for the preparation of this news release.

Shane Ebert, President/Director

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Northern Abitibi's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Northern Abitibi. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Northern Abitibi's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Northern Abitibi's filings with the Canadian securities authorities. Accordingly, holders of Northern Abitibi shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Northern Abitibi disclaims any responsibility to update these forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.

Contact Information

  • Northern Abitibi Mining Corp.
    Shane Ebert
    (250) 964-2699
    Website: www.naminco.ca