Press Release - September 2, 2003NORTHERN SHIELD COMPLETES PRIVATE PLACEMENTS FOR GROSS PROCEEDS OF $400,000.OTTAWA, ONT. – Northern Shield Resources Inc. ("Northern Shield") announced today that it has completed its previously announced private placements (the “Private Placements”) for gross proceeds of $400,000. Under the Private Placements 1,750,000 flow-through common shares were issued at a price of $0.20 per share and 227,272 units (“Units”) were issued at a price of $0.22 per Unit, with one of Northern Shield’s directors purchasing 113,636 Units. Each Unit consisted of one flow-through common share and one-half of one warrant, with the warrants (“Warrants”) each being exercisable into one common share at an exercise price of $0.35 per share for a period of two years from the closing date. Dundee Securities Corporation acted as agent to Northern Shield in connection with the placement of the 1,750,000 flow-through common shares and received, as compensation for its services, cash and a broker warrant (the “Broker Warrant”) to acquire 122,500 common shares at an exercise price of $0.20 per share for a period of two years from the closing date. The securities issued under the Private Placements and the securities issuable upon exercise of the Warrants and the Broker Warrant cannot be traded before December 30, 2003. Northern Shield is a publicly traded Canadian mineral exploration company (NRN:TSX-V). Northern Shield’s management believes that the key to mineral exploration success and the creation of investor value is found in a combination of ingenuity, technical expertise and efficiency. If you would like more information about Northern Shield Resources Inc. and its properties, please visit our website at www.northern-shield.com or contact:
Ian Bliss THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISPROVED THE CONTENTS OF THIS PRESS RELEASE |