Northern Star Mining Corporation

Northern Star Mining Corporation

November 03, 2005 15:11 ET

Northern Star Closes Financing for $7,000,000

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2005) - Northern Star Mining Corp. (TSX VENTURE:NSM) (the "Company") is pleased to announce that it has closed its private placement of $7,000,000 placed through MGI Securities (the "Agent"), and made up of 11,933,332 flow-through shares at a price of $0.45 per share and 4,075,000 non-flow-through units at a price of $0.40 per unit. Each unit consists of one common share of the company and one-half of a non-transferable share purchase warrant. One warrant shall entitle the holder thereof to purchase one additional common share of the company for a period of 24 months from the closing date at a price of $0.50. The flow-though offering was oversubscribed and the 11,933,332 flow-through shares represent the exercise of 822,221 shares over allotment option granted to the Agent.

The Agent has been paid a commission of 7% of the gross proceeds and has been issued Agents' warrants equal to 10% of the number of units sold.

The financing proceeds will be used for working capital and exploration on the Company's Midway Project.

Completion of the financing is subject to regulatory approval.


Michel David, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Northern Star Mining Corp.
    Michel David
    (819) 825-8088