Big North Announces Increase To Private Placement
March 13, 2014 (Source: Accesswire) — BIG NORTH CAPITAL INC. (TSX-V: NRT) (the “Company” or “Big North”), is pleased to announce that further to its press release of January 10, 2014, it has increased the amount of its non-brokered private placement (the “Offering”). The Company will now be issuing up to 13,333,333 units (the “Units”) at a price of $0.06 per Unit for gross proceeds of approximately $800,000. The Units being offered pursuant to the Offering are comprised of one common share (each a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.075 for a period of 24 months from the closing of the Offering.
As announced on February 24, 2014, the Company closed the first tranche of the Offering for a total of 5,058,332 Units for gross proceeds of $303,500.
The Offering is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities to be issued in the Offering will be subject to a four-month hold period in accordance with applicable securities laws.
The Company may pay a finder’s fee on the Offering upon regulatory approval.
The net proceeds of the Offering will be used for exploration of the Company’s mineral properties and for general working capital.
None of the securities issued in connection with the Offering will be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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ON BEHALF OF THE BOARD
(signed) “Spiro Kletas”
President and Chief Executive Officer
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.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>