Northfield Metals Inc.

October 13, 2006 15:53 ET

Northfield Metals Inc.: Name Change and Share Consolidation Implemented

TORONTO, ONTARIO--(CCNMatthews - Oct. 13, 2006) - NORTHFIELD METALS INC. ("Northfield" or the "Corporation") announced today that Articles of Amendment effecting the Corporation's name change and share consolidation as set out in the news release of October 11, 2006 were filed effective October 13, 2006. The outstanding common shares were consolidated by changing each ten (10) of the issued and outstanding common shares into one (1) new common share of Northfield Metals Inc.

As previously announced, Northfield also intends to proceed with a private placement (the "Private Placement") to raise aggregate proceeds of up to $500,000. The proceeds of the Private Placement are to be used for working capital in connection with the Agreement regarding the Derinkoy Property in Turkey.

Northfield has completed an agreement with the holders of 2,130,143 outstanding share purchase warrants to revise the expiration date of their warrants to November 27, 2006; each common share purchase warrant entitles the holder to purchase one Post Consolidation Share at a price of $0.15 per share. The full exercise of the Warrants would result in $319,521 in gross proceeds for the Corporation.

With the share consolidation having been implemented, Northfield Metals Inc. currently has 13,723,918 post-consolidation common shares outstanding.

Contact Information

  • Northfield Metals Inc.
    Thomas G. Larsen
    Chairman, President and C.E.O.
    (416) 360-8006 or (800) 360-8006
    (416) 361-1333 (FAX)
    or
    Northfield Metals Inc.
    Jorge Estepa
    Vice President and Secretary
    (416) 360-8006 or (800) 360-8006
    (416) 361-1333 (FAX)