Northern Tiger closes $4.7 million private placement for Yukon exploration
Northern Tiger Resources Inc. (TSX-V:NTR) has closed a brokered private placement of 8.622 million flow-through common share at a price of $0.55 per share for proceeds of $4.742 million. The private placement was initially announced on February 14, 2011 and contemplated raising gross proceeds up to $3 million.
The deal is subject to acceptance by the TSX Venture Exchange.
“We are pleased to be closing another significantly over-subscribed private placement,” said Northern Tiger President Greg Hayes. “We are now very well financed to follow-up our high-grade gold discovery at 3Ace with an aggressive 2011 exploration program, as well as continue to advance our other promising Yukon projects.”
Net proceeds from the offering will be used primarily for exploration on the 3Ace property in the southeast Yukon.
In connection with the private placement and in accordance with regulatory requirements, the company paid Casimir Capital Ltd. a 6% cash commission and issued non-transferable share purchase warrants to acquire 517,332 common shares. The warrants are exercisable at a price of $0.80 for a period of 18 months from the date of issuance.
Northern Tiger Resources Inc. is a Canadian-based resource exploration company focused on gold and copper exploration in the Yukon. The company has a portfolio of gold and copper focused projects, including 3Ace (with a new high-grade gold discovery), Sonora Gulch, and five properties prospective for Minto-style high-grade copper mineralization. It has an 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.