Vancouver (pcJ News Briefs) – Northern Empire Resources Corp. (TSX-V: NM) has completed its previously announced bridge financing, raising $5,193,900 through the issuance of interest free convertible debentures.
Proceeds will be used in connection with its proposed acquisition of a 100% interest in the Sterling property from Sterling Gold Mining Corporation, a wholly owned subsidiary of Imperial Metals Corporation.
Each debenture will convert into a unit consisting of a share and either a half warrant or a whole warrant depending on the structure of a subsequent financing as outlined in the subscription agreements entered into between the company and each of the subscribers of the financing. The conversion price shall be equal to (a) the price for which the company completes a subsequent financing to complete the acquisition of the Sterling property or (b) if the proposed acquisition of the Sterling property doesn’t complete, $0.175. Each warrant shall be exercisable into a common share at a price of 33 1/3% premium to the conversion price for a period of 2 years following the closing of the financing.
photo credit: Northern Empire