Northern Empire Minerals Ltd. is pleased to announce that the Company has agreed to sell, to Canaccord Capital Corporation, as sole underwriter, on a bought deal underwritten basis, 3.5 million units by way of private placement at a price of $1.50 per unit for gross proceeds of $5.25 million.Each unit will consist of one common share and one half of one common share purchase warrant.Each whole common share purchase warrant will entitle the holder to purchase one common share at a price of $1.75 per common share for 12 months from the closing date.The underwriter will receive 7% cash commission and underwriters warrants for common shares equal to 10% of the units sold under the offering.The underwriter's warrants will be exercisable at a price of $1.61 per share for a period of 12 months from the closing date.The securities issuable under the private placement are subject to a four month hold period from the closing date.Final approval by the regulatory authorities and the TSX are pending.
Northern Empire Minerals Ltd. is a leader in the Canadian diamond exploration community with an aggressive acquisition and development philosophy.The Company holds one of Canada's most prospective diamond exploration property portfolios totaling more than 10 million acres.The Company has 16 diamond properties in Nunavut , Northwest Territories and Quebec.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to US newswire services or for dissemination in the United States.
For further information, please contact the Company at 604-331-2267 or (888) 338-2200
On behalf of the Board
NORTHERN EMPIRE MINERALS LTD.
/s/ "D. Bruce McLeod"
D. Bruce McLeod
Vice President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release