CALGARY, ALBERTA--(Marketwired - Dec. 23, 2013) - Northern Abitibi Mining Corp. (TSX VENTURE:NAI) ("Northern Abitibi") is pleased to announce the closing of its previously announced sale of the 100% owned Viking Property to Spruce Ridge Resources ("Spruce Ridge" - TSXV:SHL) in exchange for $150,000 cash and 11,000,000 common shares in the capital of Spruce Ridge (the "Shares").
In October 2012, Spruce Ridge made a payment of $50,000 to Northern Abitibi and issued 5,000,000 Shares at a deemed value of $0.12 per Share and in April 2013, Spruce Ridge made an additional $50,000 payment. Currently today, as the final closing payment, Spruce Ridge paid $50,000 and issued 6,000,000 Shares at $0.05 per Share. Pursuant to the agreement, Spruce Ridge elected to issue up to 50% of the final cash payment of $100,000 by issuing 1,000,000 Shares at $0.05 per Share. The Viking Property is subject to a 2% to 4% sliding scale net smelter royalty held by Altius Resources Inc.
Pursuant to this sale, Northern Abitibi now holds 11,000,000 Shares or 22.7% of the issued and outstanding common shares of Spruce Ridge at the date hereof on a non-diluted basis. The Shares were acquired pursuant to the exemption from the prospectus requirement in section 2.14 of National Instrument 45-106 and are held for investment purposes only. This investment will be reviewed by Northern Abitibi on a continuing basis.
Shane Ebert, President/Director
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.