Northern Lights Resources Corp.
CNSX : NLE

Northern Lights Resources Corp.

June 28, 2012 03:30 ET

Northern Lights Completes Its Prospectus Offering and Lists on the Canadian National Stock Exchange

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2012) - Northern Lights Resources Corp. (CNSX:NLE) -

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. NONE OF THE COMPANY'S SECURITIES HAVE BEEN, OR WILL BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Northern Lights Resources Corp. (the "Company") is pleased to announce that it has completed its initial public offering ("IPO") of 3,502,500 Units at a price of $0.10 per Unit, for aggregate gross proceeds of $350,250. Each Unit consists of one common share (a "Share") and one common share purchase warrant of the Company (a "Warrant"). Each Warrant is exercisable for one additional Share at a price of $0.15 per Share for a period of 24 months expiring June 28, 2014 provided that should the Company's shares trade at or above $0.30 per share for a period of 20 consecutive trading days the Company may then accelerate the expiry date of the Warrants to not less than 30 days following notice being given of such acceleration.

The Canadian National Stock Exchange (the "CNSX") has accepted the Company's listing application, and the Company's common shares were listed and posted on the CNSX on June 27, 2012 (the "Listing Date") and are expected to commence trading on the CNSX at the opening on June 28, 2012 under the trading symbol "NLE".

Global Securities Corporation (the "Agent") assisted the Company as its exclusive agent in offering the Units under the IPO. As consideration, the Agent received: (i) a cash commission of $35,000 being 10% of the gross proceeds of the IPO; (ii) a corporate finance fee of $18,000 (plus HST); (iii) warrants to acquire an aggregate of 350,250 shares, exercisable at $0.15 per share for a period of 24 months expiring June 28, 2014; and (iv) its expenses as incurred.

The Company presently has 26,437,152 common shares issued and outstanding of which 6,236,667 common shares are subject to escrow restrictions, to be released as to 10% on the Listing Date and 15% every six months thereafter.

Complete details of the IPO and the Company's business are as set out in the Company's Amended and Restated Prospectus dated April 16, 2012 and filed on SEDAR.

The Company's board of directors consists of Albert R. Timcke (CEO, President), David A. Cross (CFO), Dennis I. Espadilla (Vice-President, Secretary), James S. Kermeen and Jason E. Leikem.

The Company announces that it has granted an aggregate of 1,175,000 incentive stock options ("Stock Options") to directors, executive officers and consultants, exercisable at $0.10 per share for a period of five years expiring June 28, 2017. The Stock Options are subject to vesting restrictions such that 25% will vest 3 months after the date of grant with an additional 25% every three months thereafter.

The Company announces that the one Yukon claim forming part of its Misty Basin claim was disposed of in May 2012. That claim (51 acres) was used solely for the Company's camp site, was not part of the property upon which any exploration was planned, and was not considered material by the Company.

ON BEHALF OF THE BOARD

Albert R. Timcke, President, Chief Executive Officer and Director

Contact Information

  • Northern Lights Resources Corp.
    Albert R. Timcke
    President, Chief Executive Officer and Director
    1-604-602-7166
    1-604-602-4936 (FAX)