Toronto, Ontario--(Newsfile Corp. - September 20, 2018) - Northern Sphere Mining Corp. (CSE: NSM) (OTCQB: NSMCF) ("Northern Sphere" or the "Company") announced today that it proposes to raise up to $400,000 through a non-brokered private placement (the "Private Placement") of up to 5,000,000 units ("Units") of the Company at a price of $0.08 per Unit. Finders fees may be payable in connection with the Private Placement and the Private Placement may be closed in tranches. Each Unit will be comprised of one common share ("Common Share") of the Company and one Common Share purchase warrant (a "Warrant"). Each Warrant will be exercisable to acquire one Common Share (a "Warrant Share") for a period of three years months following the date of closing at an exercise price of $0.12 per Warrant Share, subject to adjustments in certain events.
The Company anticipates that the net proceeds from the Private Placement will be used for the ongoing development of mining assets and for general corporate purposes.
The Company also announced today that it proposes to effect a debt conversion (the "Debt Conversion") of approximately $334,000 owing to certain creditors of the Company. The Debt Conversion will consist of the issuance of Common Shares at a conversion price of $0.08 per Common Share.
Common Shares issued pursuant to the Private Placement and the Debt Conversion, and Warrant Shares issuable upon the due exercise of the Warrants, will be subject to a four-month hold period from the date of closing.
About Northern Sphere Mining Corp.
Northern Sphere is dedicated to growth through the acquisition and development of mining assets with an emphasis on gold, silver and copper. In efforts to expedite and optimize mineral targeting on its assets, the Company is employing cutting-edge exploration technologies to generate robust mining projects. Headquartered in Toronto, Ontario, Northern Sphere has a strong project pipeline of properties with a focus on gold, silver and other metal production in pro-mining jurisdictions.
This press release contains forward-looking statements which reflect Northern Sphere's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Northern Sphere disclaims any obligation to update these forward-looking statements other than as required by applicable securities laws.
For further information, please contact:
A. John Carter
Chief Executive Officer
Northern Sphere Mining Corp.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.