Northern Sphere Mining Corp. Announces Proposed Debt Conversion and Amended Warrant Terms
Toronto, Ontario--(Newsfile Corp. - July 5, 2018) - Northern Sphere Mining Corp. (CSE: NSM) (OTCQB: NSMCF) ("Northern Sphere" or the "Company") announced today that it proposes to effect a debt conversion of approximately $174,000 owing to certain creditors of the Company. The debt conversion will consist of the issuance of common shares ("Common Shares") of the Company at a conversion price of $0.08 per Common Share.
Common Shares issued on the conversion of outstanding debt, will be subject to a four-month hold period from the date of closing.
Northern Sphere also announced that it has amended the terms of the warrants ("Warrants") comprising the units of the Company being offered pursuant to its previously announced private placement. Each Warrant will now be exercisable to acquire one Common Share (a "Warrant Share") for a period of eighteen months following the date of closing at an exercise price of $0.12 per Warrant Share, subject to adjustments in certain events. The acceleration clause previously applicable to the Warrants have been deleted.
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.