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The company’s strategic direction is to continue to seek out properties and claims in the area known to have high value gold targets and to execute the necessary work to rapidly move these projects towards advanced exploration and mine development stages.
Message: Announces Rights Offering
| January 30, 2009 |
| Northern Gold Mining Inc. Announces Rights Offering |
| TORONTO, ONTARIO--(Marketwire - Jan. 30, 2009) - Northern Gold Mining Inc. (TSX VENTURE:NGM) announces the terms of a rights offering to holders of Common Shares. Northern Gold will be issuing to holders of its common shares as of record at the close of business on February 10, 2009 transferable rights certificates to subscribe for common shares before 4:00 p.m. (Toronto time) on March 3, 2009 on the terms set out in a rights offering circular dated January 22, 2009 (the "Rights Offering Circular") to be mailed by Northern Gold to its shareholders. The Rights Offering Circular will also be available on the SEDAR website at www.sedar.com. One right (a "Right") will be issued for each four common shares outstanding and one Right will permit the shareholder to purchase one common share (a "Share") for $0.05 per Share. The Rights and the underlying common shares have been approved for listing on the TSXV. If all Rights are subscribed for 6,420,224 Shares will be issued for total gross proceeds of approximately $321,000. The offering is not subject to any minimum subscription level. All proceeds will be released to Northern Gold for its use. Northern Gold intends to use the proceeds for working capital purposes. The offering is not being made in any jurisdiction other than the applicable jurisdictions in Canada (the "Qualified Jurisdictions"), and is not, and under no circumstances is to be construed as, an offering of any securities for sale in or to a resident of any jurisdiction other than the Qualified Jurisdictions or a solicitation therein of an offer to buy or sell securities. Shareholders as of January 22, 2009 will be provided with a Rights Offering Circular detailing the offer. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The Rights and the Common Shares issuable on exercise of the rights will not be and have not been registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. Northern Gold Mining Inc. is a Toronto-based junior resource company dedicated to gold exploration in the proven mining camps of Kirkland Lake and Timmins in Northern Ontario. The goal of our experienced and highly-skilled management team is to maximize shareholder value through successful exploration and the aggressive testing of high quality targets. |
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