Northern Financial Announces Closing of Second Tranche of Private Placement
01 Août 2012 - 11:30PM
PR Newswire (Canada)
NORTHERN FINANCIAL CORPORATION TORONTO, Aug. 1, 2012 /CNW/ -
Northern Financial Corporation ("Northern" or the "Company") today
announced that the Company has closed a second tranche of its
previously announced non-brokered private placement. The
second tranche closing consists of 2,000,000 common shares at a
price of $0.05 per common share for gross proceeds of $100,000. The
Company anticipates closing an additional tranche of $100,000 prior
to August 15, 2012. Combined with the first closing under the
private placement on June 29, 2012, of 4,000,000 common shares for
gross proceeds of $200,000, the Company has raised aggregate gross
proceeds of $300,000 through the issuance of a total of 6,000,000
common shares. In accordance with applicable securities
legislation, the common shares issued will be subject to a hold
period of four months plus one day from the date of closing,
expiring December 1, 2012. The Company intends to use the proceeds
of the private placement for its general working capital and
investment in Northern Securities Inc, the Company's wholly-owned
subsidiary. About Northern Financial Corporation Northern Financial
Corporation wholly owns Northern Securities Inc., a full service
investment dealer that provides financial advisory services to
retail and institutional clients and investment banking services to
small capitalization companies. The TSX Venture Exchange does not
accept responsibility for the adequacy or accuracy of this news
release. This press release may contain forward-looking statements
with respect to the Company, its operations, strategy, financial
performance and condition. These statements generally can be
identified by use of forward looking words such as "may", "will",
"expect", "estimate", "anticipate", intends", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of the Company discussed herein
could differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, competition, changes in government
regulations and the factors described under "Risk Factors" in the
Management's Discussion and Analysis and Filing Statement of the
Company which are available at www.sedar.com. The cautionary
statements qualify all forward-looking statements attributable to
the Company and persons acting on their behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of
this press release and the Company has no obligation to update such
statements. Northern Financial Corporation CONTACT: Vic
AlboiniChairman and CEO(416) 644-8110
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