Business & Finance
Thu, May 13, 2010Northrock Announces Non-Brokered Private Placement for Turner Lake Gold Project, Nunavut
//business-finance.news-articles.net/content/201 .. cement-for-turner-lake-gold-project-nunavut.html
Published in Business and Finance on Thursday, May 13th 2010 at 9:30 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2010) - Northrock Resources Inc. (TSX VENTURE:NRK) (the "Company") has arranged a non-brokered private placement of up to 6,000,000 units (the "Units") at a price of $0.05 per unit for aggregate proceeds of up to $300,000 and up to 10,000,000 flow through units (the "FT Units") at a price of $0.075 per FT Unit for aggregate proceeds of up to $750,000.
Each Unit consists of one common share of the Company and one non-transferable share purchase warrant, each full warrant entitling the purchaser to purchase an additional common share at a price of $0.10 per share for a period of twelve months following the closing of the offering.
Each FT Unit consists of one common flow through share of the Company and one non-transferable, non-flow through share purchase warrant, each full warrant entitling the purchaser to purchase an additional common share at a price of $0.15 per share for a period of twelve months following the closing of the offering.
The net proceeds of the financing will be used to fund exploration work at the Company's Turner Lake, Nunavut gold project and for general working capital. Finder's fees may be paid on the private placement pursuant to the policies of the TSX Venture Exchange.
Shares acquired by the placees, and shares which may be acquired upon the exercise of the share purchase warrants, will be subject to a hold period of four months plus one day from the date of closing of the offering in accordance with applicable securities legislation. The financing is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS OF NORTHROCK RESOURCES INC.
Karl Kottmeier, President
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.