Northern Sphere Mining Corporaton: Announces Proposed Private Placement
Toronto, August 17, 2016 - Northern Sphere Mining Corp. (CSE: NSM) ("Northern Sphere" or the "Company"), announced today that it proposes to raise up to $1,500,000 through a non-brokered private placement of up to 2,500,000 common shares of the Company at a price of $0.40 per common share and up to 1,000,000 flow-through common shares of the Company at a price of $0.50 per flow-through common share (the "Private Placement"). The Private Placement may be closed in tranches. Shares issued pursuant to the Private Placement will be subject to a four-month hold period from the date of closing of the applicable tranche.
The Company anticipates that the net proceeds from the Private Placement will be used towards ongoing development of mining assets and for general working capital.
About Northern Sphere Mining Corp.
Northern Sphere Mining is dedicated to growth through the acquisition and development of mining assets, with an emphasis on near term production opportunities. Headquartered in Toronto, Ontario, Northern Sphere Mining has a strong project pipeline of properties with a focus on gold, silver and other metal production in pro-mining jurisdictions.
Cautionary Statements
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.
Tel: 905-302-3843
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.