Northern Shield Resources Inc. announced a non-brokered private placement on July 21, 2023.

On the same date the company received 3,800,000 units at CAD 0.05 per unit for aggregate gross proceeds of CAD 190,000 in its first tranche closing. Each unit consisting of one common share and one common share purchase warrant, with each whole warrant exercisable for one common share at a price of CAD 0.10 per share within 24 months of the closing. A director and officer of the company acquired 1,500,000 units for proceeds of approximately CAD 75,000. A second tranche is expected to consist primarily of flow-through units at CAD 0.065 per unit with each flow-through unit consisting of one common share issued on a flow-through basis and one-half of one common share purchase warrant. Each whole flow-through warrant will be exercisable for one common share at a price of CAD 0.125 per share within 24 months of closing. The securities issued under the offering are subject to restrictions on resale for a period of four months from the date of closing. The offering is subject to final approval of the TSX Venture Exchange.