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Monday, 2nd February 2009 (4080 views)

Northern Gold Mining has announced the terms of a rights offering to holders of common shares in the Canadian firm.

The company plans to issue holders of common shares transferable rights certificates to subscribe for common shares before 16:00 EST on March 3rd 2009.

Based in Toronto, Northern Gold Mining will issue the certificates to all holders of common shares at close of business on February 10th, based on the terms outlined in a rights offering dated January 22nd.

One right will be issued to shareholders for each four common shares outstanding and one right will enable the shareholder to purchase a common share for $0.05 (£0.035).

The $321,000 rights offering has been approved for listing on the TSX Venture Exchange and is not subject to a minimum subscription level, with proceeds earmarked for working capital purposes.

Junior resource company Northern Gold Mining is dedicated to gold exploration in the Kirkland Lake and Timmins mining camps of northern Ontario.

 

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