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TSX Venture SYMBOL: NSM
December 31, 2009
Northern Star Completes Hard Dollar and Flow-Through
Financings Totalling $6,737,004
Val-d’Or, Quebec, December 31, 2009 – Northern Star Mining Corp (NSM: TSX-V) is
pleased to announce that further to its news release of December 17, 2009 it
has completed a combination of hard dollar and flow-through private placement financings
totaling $6,737,004.
The
hard dollar financing consisted of 10,370,000 units (the “Units”) at a price of $0.50 per Unit for gross proceeds of
$5,185,000. Each Unit consisted of one common share and one-half of a warrant
to purchase an additional share for a period of 36 months at a price of $0.70.
All securities issued in connection with the hard dollar financing are subject
to a four month hold period expiring on April 19, 2010.
The net
proceeds of the hard dollar financing will be used to fund the continued
development of the Company’s Malartic-Midway gold project in
The
flow-through financing consisted of 2,675,865 flow-through shares (the “FT Shares”) at a price of $0.58 per
share for gross proceeds of $1,552,004. The FT Shares are subject to a four
month hold period expiring on April 24, 2010.
The gross
proceeds from the sale of the FT Shares will be used to fund exploration on the
Company's
Both
financings were arranged through Casimir Capital LP (“Casimir”) as lead agent. A cash commission of 7% of the gross
proceeds of the financings and agents’ warrants to purchase up to a total of
911,249 common shares for a period of 36 months at a price of $0.53 per share
(as to 185,349 shares) and $0.70 per share (as to 725,900 shares) was paid to,
among others, Casimir in consideration for their services in connection with
the financings.
ON BEHALF OF THE BOARD
“Jonathan Awde”
Jonathan Awde,
VP Corporate Finance
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT: Northern Star Mining Corporation TOLL FREE (800)
460-5031 or (819) 825-8088, (FAX) (819) 825-1199
Website:
www.nsmgold.com
Or
Renmark Financial
Communications Inc.
Barry Mire: bmire@renmarkfinancial.com
christine stewart: cstewart@renmarkfinancial.com
www.renmarkfinancial.com
This news release contains forward-looking statements,
which relate to future events or future performance and reflect management’s current
expectations and assumptions. Such
forward-looking statements reflect management’s current beliefs and are based
on assumptions made by and information currently available to the Company. Investors are cautioned that
these forward looking statements are neither promises nor guarantees, and are
subject to risks and uncertainties that may cause future results to differ
materially from those expected. These forward-looking statements are made as of the
date hereof and, except as required under applicable securities legislation,
the Company does not assume any obligation to update or revise them to reflect
new events or circumstances.
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