Toronto, Ontario--(Newsfile Corp. - September 21, 2015) - Northern Sphere Mining Corp. (CSE: NSM) ("Northern Sphere" or the "Company") announced today that it proposes to raise up to $1,000,000 through a non-brokered private placement of up to 10,000,000 common shares of the Company at a price of $0.10 per common share (the "Private Placement"). Finders' fees may be paid in connection with the Private Placement.
The Company proposes to allocate a portion of the common shares to be issued under the Private Placement to settle up to $580,000 in outstanding debt owed to certain creditors, approximately $285,000 of which are owed to insiders. Such common shares will be issued at a price of $0.10 per share as payment in full for all such indebtedness.
Common shares issued pursuant to the Private Placement, including those common shares issued on the conversion of outstanding debt, will be subject to a four-month hold period from the date of closing.
The Company anticipates that the net proceeds from the Private Placement will be used towards ongoing development of mining assets and for general working capital.
About Northern Sphere Mining Corp.
Northern Sphere Mining is dedicated to growth through the acquisition and development of mining assets, with an emphasis on near term production opportunities. Headquartered in Toronto, Ontario, Northern Sphere Mining has a strong project pipeline of properties with a focus on gold, silver and other metal production in pro-mining jurisdictions.
Cautionary Statements
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:
John Carter
Chief Executive Officer
Northern Sphere Mining Corp.
Tel: 905-302-3843
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Source: Northern Sphere Mining Corp.