| ||December 30, 2010|
Northern Tiger Resources Raises $3.6 million in Private Placement
| ||This news release is not for distribution to U.S. news wire services or dissemination in the United States.|
December 30, 2010: Northern Tiger Resources Inc. ("Northern Tiger" or the "Company") (NTR: TSX-V) is pleased to announce that, subject to final TSX Venture Exchange acceptance, it has closed a non-brokered private placement of 5,202,500 units ("Units") at a price of $0.35 per Unit and 4,493,500 common shares issued as "flow-through shares" under the Income Tax Act (Canada) ("FT Shares") at a price of $0.40 per FT Share for aggregate gross proceeds of $3,618,275 (the "Offering"). Each Unit consisted of one common share of Northern Tiger ("Common Share") and one-half of one transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share for a price of $0.45 for a period of twenty-four (24) months from the date of issuance. The Offering closed in two tranches on December 22, 2010 and December 24, 2010.
"We are very pleased with the investment community's strong reaction to our over-subscribed private placement," says Greg Hayes, President of Nothern Tiger. "The results of our initial exploration program at 3Ace were very encouraging, and the private placement proceeds combined with our current cash resources means we are now fully funded to carry out an aggressive 2011 follow-up exploration program."
The FT Shares and Units were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The net proceeds from the Offering will be used primarily for exploration on the 3Ace Property in the southeast Yukon. The FT Shares, the Common Shares and Warrants comprising the Units and Common Shares issuable upon exercise of the Warrants are subject to a four (4) month restricted period.
In connection with the private placement and in accordance with regulatory requirements, the Company paid certain arms-length parties an aggregate of $211,573 cash and granted an aggregate of 564,620 non-transferable share purchase warrants ("Finder's Warrants") to acquire 564,620 Common Shares. The Finder's Warrants are exercisable at a price of $0.45 for a period of twenty-four (24) months from the date of issuance.
The TSX Venture Exchange has conditionally accepted the Offering and finder's fees.
Northern Tiger Resources Inc. is a Canadian-based resource exploration company focused on the rapidly developing Dawson Range gold-copper mining district in the Central Yukon. Through its exploration alliance with Capstone Mining Corp.'s wholly owned subsidiary, Minto Explorations Ltd., Northern Tiger benefits from a wide range of experience, knowledge and capabilities from early exploration to mine production.
For further information please contact:
Greg Hayes, President and CEO
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements. 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
You can view the Next News Releases item: Mon Feb 14, 2011, Northern Tiger Resources Announces $3 Million Private Placement
You can view the Previous News Releases item: Tue Dec 21, 2010, Northern Tiger Resources Acquiring Sprogge Property, Yukon
You can return to the main News Releases page, or press the Back button on your browser.