Northern Gold Mining Inc.
TSX VENTURE : NGM

Northern Gold Mining Inc.

August 23, 2013 13:54 ET

Pierre Caland Acquires Ownership of Securities of Northern Gold Mining Inc.

TORONTO, ONTARIO--(Marketwired - Aug. 23, 2013) - Pierre Caland of Ruttimattstrasse 16, Gstaad, Switzerland, 3780, today announced that he has acquired and assumed direction and control through an inheritance of the following securities of Northern Gold Mining Inc. (TSX VENTURE:NGM) (the "Reporting Issuer"):

  • 34,905,515 common shares ("Shares"); and

  • 3,750,000 Share purchase warrants ("Warrants") exercisable for 3,750,000 Shares at a price of $0.55 per Share until November 1, 2014.

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

  • Wallington Investment Holdings Ltd. ("Wallington") owns 6,861,015 Shares, or approximately 2.52% of the issued and outstanding Shares on a non-diluted basis. Wallington also holds 3,750,000 Warrants, or approximately 37.43% of the issued and outstanding Warrants;

  • Bomoseen Investments Ltd. ("Bomoseen") owns 625,000 Shares, or approximately 0.23% of the issued and outstanding Shares on a non-diluted basis; and

  • Mr. Caland is the registered owner of 27,419,500 Shares, or approximately 10.08% of the issued and outstanding Shares on a non-diluted basis.

Mr. Caland is the ultimate sole beneficial shareholder of, and exercises complete voting control over, Wallington and Bomoseen.

In the aggregate, Mr. Caland has registered and beneficial ownership and control of 34,905,515 Shares, which represents approximately 12.83% of the issued and outstanding Shares on a non-diluted basis, and beneficial ownership and control of 3,750,000 Warrants.

Assuming the exercise of the Warrants, Mr. Caland would directly and beneficially own an aggregate of 38,655,515 Shares, representing approximately 14.01% of the issued and outstanding Shares on a partially-diluted basis.

The Shares and Warrants are being held for investment purposes. In the future Mr. Caland may, depending on market and other conditions, increase or decrease his beneficial ownership of securities of the Reporting Issuer.

Contact Information

  • Peterson Law Professional Corporation
    Dennis H. Peterson
    (416) 777-6772
    390 Bay Street, Suite 806
    Toronto, Ontario M5H 2Y2