Northern Financial Corporation

Northern Financial Corporation

December 05, 2007 16:06 ET

Northern Sells Interest in Lakeside Steel to Jaguar Financial Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 5, 2007) - Northern Financial Corporation (TSX:NFC) ("Northern" or the "Company") today reported that Northern has sold its equity interest in Lakeside Steel Corporation ("Lakeside") to Jaguar Financial Inc. (TSX:JFI). The sale was completed prior to completion of Added Capital Corp's ("Added") qualifying transaction with Lakeside, whereby Added acquired all of the issued and outstanding common shares of Lakeside (the "Qualifying Transaction").

Northern used part of the proceeds of the sale to repay approximately $1,450,000 in debt. Northern has approximately $900,000 in remaining debt.

For more information regarding the private placement, the Qualifying Transaction, or on Lakeside please refer to the Filing Statement posted by Added on November 20, 2007 on SEDAR.

About Northern Financial Corporation

Northern Financial Corporation wholly owns Northern Securities, a full service investment dealer that provides financial advisory services to retail and institutional clients and investment banking services to small capitalization companies.

Contact Information

  • Northern Securities Inc.
    Ann Krallisch
    Director, Business Development
    (416) 644-8113
    (416) 644-0270 (FAX)