Paul Caland

January 25, 2012 22:05 ET

Paul Caland Increases Ownership in Northern Gold Mining Inc.

TORONTO, ONTARIO--(Marketwire - Jan. 25, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Paul Caland, Ruttimattstrasse 16, 3780 Gstaad, Switzerland announced the purchase of an aggregate of 4,998,800 common shares (the "Shares") of Northern Gold Mining Inc. (TSX VENTURE:NGM) (the "Reporting Issuer"), of which 4,910,500 Shares were purchased through the facilities of the TSX Venture Exchange (the "Exchange") at $0.20 per Share and 88,300 Shares were purchased through the facilities of the Exchange at an average purchase price of $0.227 per Share (the "Purchases"). Following completion of the Purchases, Mr. Caland has ownership and control over an aggregate of 17,222,800 common shares, representing approximately 11.04% of the Reporting Issuer's issued and outstanding common shares.

The details of Mr. Caland's ownership in the Reporting Issuer are as follows:

  • Wallington Investment Holdings Ltd. ("Wallington Investments") owns 8,037,300 common shares, or approximately 5.15% of the issued and outstanding shares of the Reporting Issuer on a non-diluted basis and also holds 3,750,000 common share purchase warrants (the "Warrants") exercisable for 3,750,000 common shares of the Reporting Issuer at $0.55 per share and expiring on November 1, 2012;
  • Bomoseen Investments Ltd. ("Bomoseen Investments") owns 625,000 common shares, or approximately 0.40% of the issued and outstanding shares of the Reporting Issuer on a non-diluted basis; and
  • Mr. Caland directly owns 8,560,500 common shares, or approximately 5.49% of the issued and outstanding shares of the Reporting Issuer on a non-diluted basis.

Mr. Caland is the sole beneficial shareholder and exercises complete voting control over Wallington Investments and Bomoseen Investments. Assuming the exercise of the Warrants, Mr. Caland would own an aggregate 20,972,800 common shares, representing approximately 13.13% of the Reporting Issuer's issued and outstanding common shares on a partially diluted basis.

The Shares of the Reporting Issuer are held for investment purposes. Mr. Caland may, depending on market and other conditions, increase or decrease its beneficial ownership of securities of the Reporting Issuer, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

Contact Information

  • Peterson Law Professional Corporation
    Dennis Peterson
    (416) 777-6772