Capstone Mining Corp.
Profitable Growth Producing Copper, Gold, Silver and Zinc in Canada and Mexico
Message: Northern Tiger (Associate Co.) Announces Proposed Private Placement
| January 16, 2009 |
| Northern Tiger Announces Proposed Private Placement & Property Acquisition |
| EDMONTON, ALBERTA--(Marketwire - Jan. 16, 2009) - Northern Tiger Resources Inc. (TSX VENTURE:NTR) ("Northern Tiger" or the "Company") is pleased to announce it intends complete a non-brokered private placement with Coyote Copper Inc., a private company incorporated under the laws of the province of British Columbia ("Coyote Copper"), of units of Northern Tiger at a price of $0.07 per unit ("Unit") for estimated gross proceeds of up to $267,500 (the "Private Placement"). Each Unit consists of one (1) common share and one (1) warrant ("Warrant"). Each Warrant is exercisable at $0.12 and will expire 24 months from the date of closing. Coyote Copper is a related party to Northern Tiger by virtue of a commonality of certain directors, officers and shareholders. In conjunction with the Private Placement, Northern Tiger has signed an agreement with Coyote Copper, among others, to acquire 100% interest in a mineral property in Arizona, USA for a nominal amount. In connection with the proposed property acquisition and in order to maintain its interest in the property, the Company will assume certain obligations under a property agreement dated March 6, 2007 as follows: (i) pay US $15,000, and issue 25,000 common shares by October 1, 2009; (ii) pay US $20,000, and issue 25,000 common shares by October 1, 2010; (iii) pay US $25,000 by October 1, 2011; (iv) pay US $75,000 by October 1, 2012; and (v) pay a 0.50% net smelter return royalty, up to a maximum of $750,000, upon commencement of commercial production on the property. The common shares will be issued at a deemed price equal to the closing price of the common shares on the date of issuance. The cash payments and common share issuances will be made to an arm's length party. The transactions are subject to a number of conditions including TSX Venture Exchange approval and Coyote Copper shareholder approval. Northern Tiger Resources Inc. is a new Canadian-based resource exploration company focused on the rapidly developing Dawson Range gold-copper mining district in the Central Yukon. Through its exploration alliance with Capstone Mining Corp.'s wholly owned subsidiary, Minto Explorations Ltd., Northern Tiger benefits from a wide range of experience, knowledge and capabilities from early exploration to mine production. |
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