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Northstar Gold Corp. announces non-brokered private placement financing for aggregate proceeds of up to $2,700,000

The company's flagship property, the 100%-owned Miller Gold Property is situated 18 kilometers (km) southeast of Kirkland Lake and Kirkland Lake Gold's Macassa SMC gold mine

Northstar Gold Corp. -
Northstar is positioning to resume drilling at the Miller Gold Property in early 2021 to follow up 2020's exploration success and test new targets with a 3,000 metre, 15-hole Phase II drill program

Northstar Gold Corp. (CSE:NSG) has announced a non-brokered private placement financing for aggregate proceeds of up to $2,700,000.

The company said the gross proceeds from the offering will be used to incur eligible Canadian Exploration Expenses (CEE) at the company's 100%-owned flag-ship Miller Gold Property and its Bryce Gold Property, as well as for general working capital.

WATCH: Northstar Gold extensive geo physical work at Miller Gold Property identifies multiple anomalies

The offering includes a flow-through component which is comprised of up to 3.75 million flow-through units at a price of $0.32 each for gross proceeds of up to $1,200,000. Each flow-through unit is comprised of one flow-through common share and one-half of one non-flow-through share purchase warrant. Each full warrant is exercisable for one non-flow-through common share at an exercise price of $0.45 for a term of 18 months after the closing.

The non-flow-through component of the offering is comprised of up to 6.0 million non-flow-through units at a price of $0.25 per non-flow-through unit for gross proceeds of up to $1,500,000. Each non-flow-through unit is comprised of one share and one-half non-flow-through warrant. Each whole warrant will be exercisable for one common share at an exercise price of $0.40 for a term of 18 months after the closing.

The financing is expected to close on or about December 15, 2021. The offering is subject to all necessary regulatory approvals including acceptance from the Canadian Securities Exchange.

All securities issued will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

Positioning to resume drilling at the Miller Gold Property in early 2021

Northstar's flagship property, the 100%-owned Miller Gold Property is situated 18 kilometers (km) southeast of Kirkland Lake and Kirkland Lake Gold's Macassa SMC gold mine. Northstar has just completed a 5,023 metre, 28-hole drill program and integrated 3D IP, gravity and magnetic survey on the Miller Gold Property, making a number of new gold discoveries.

This includes the near-surface Allied Syenite Gold Zone, returning intercepts that include 19.4 grams per ton (g/t) gold (Au) over 4.4 metres (m) within 1.4 g/t Au over 118.5m and 4.7 g/t Au over 8m within a 107.3m interval averaging 1.2 g/t Au.

Northstar is positioning to resume drilling at the Miller Gold Property in early 2021 to follow up 2020's exploration success and test new targets with a 3,000 metre, 15-hole Phase II drill program.

The Miller Gold Property overlays the historic Boston Creek Mining Camp and was actively explored in the early 1900's for high-grade gold and tellurides in quartz veins by a number of shallow shafts and 1,000 metres of near-surface underground development on the D Vein and No. 1 Vein structures.

In addition to the Miller Gold Property, Northstar also has three additional 100%-owned exploration projects in northern Ontario, including the recently acquired 1,200-hectare Rosegrove Property situated 0.5 km from the Miller Gold Property, the 5,090-hectare Bryce Property, an intrusive-gold/PME VMS project located 35 km southwest on the Ridout Break, and the Temagami-Milestone Cu-Ni-Co Property located in Strathcona Township. Northstar is considering options to advance the Bryce and Milestone projects through joint venture partnerships or otherwise.

Prior to going public on the CSE on January 2, 2020, by way of a $3 million Initial Public Offering, Northstar operated for the past 11 years as a private company focused primarily on gold exploration in the prolific Kirkland Lake District in northeastern Ontario.

The company has an accomplished Board, Special Advisor and Management Group comprised of professionals highly experienced in exploration, mining, finance and investment banking on a global basis.

Contact the author at jon.hopkins@proactiveinvestors.com

Quick facts: Northstar Gold Corp.

Price: 0.285 CAD

CSE:NSG
Market: CSE
Market Cap: $11.07 m
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