Allstocks.com's Bulletin Board Post New Topic  Post A Reply
my profile login | register | search | faq | forum home

  next oldest topic   next newest topic
» Allstocks.com's Bulletin Board » Asia, China and Canadian Stocks » Have a look at NSE

 - UBBFriend: Email this page to someone!    
Author Topic: Have a look at NSE
BCmouser
Member


Member Rated:
5
Icon 1 posted      Profile for BCmouser     Send New Private Message       Edit/Delete Post   Reply With Quote 
I picked up a bunch at .48 Friday after their news release.--Northern Sun Closes $6,650,000 Private Placement
12/16/04

VANCOUVER, BRITISH COLUMBIA, Dec 16, 2004 (CCNMatthews via COMTEX) --
NORTHERN SUN EXPLORATION COMPANY INC. (the "Company") (TSX VENTURE:NSE) announces that it has closed its private placement of 6,550,000 Non-Flow Through Units ("NFT Units") and 6,136,364 Flow-Through Units ("FT Units&qu
ot at a price of $0.50 per NFT Unit and $0.55 per FT Unit for gross proceeds of $6,650,000 (the "Offering") originally announced on November 18 and further increased on December 7. The financing was arranged through PowerOne Capital Markets Limited ("PowerOne").

Each NFT Unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of two years from the date of issuance thereof at a price of $0.65 per share for the first year and at a price of $0.85 per share for the second year. Each FT Unit consists of one flow through common share and one share purchase warrant exercisable to purchase one non flow through common share for a period of two years from the date of issuance thereof at a price of $0.65 per share for the first year and at a price of $0.85 per share for the second year.

The Company will be entitled to accelerate the expiry date of the share purchase warrants forming part of the FT Units and NFT Units to the date that is 30 days following the date a news release is issued announcing the accelerated expiry date in the event that the common shares of the Company close: (i) at a price greater than $1.00 for 20 consecutive trading days at any time after the hold period has expired during the first year; and (ii) at a price greater than $1.20 for 20 consecutive trading days at any time during the second year.

The Company paid PowerOne an 8% cash commission of the proceeds raised plus compensation options (the "Compensation Options") which are exercisable by PowerOne into that number of units (the "Compensation Units") that is equal to 10% of the number of NFT Units and FT Units sold in respect of subscriptions delivered by PowerOne, for a period of 24 months following the closing date at an exercise price of $0.50 per Compensation Option. Each Compensation Unit is comprised of one common share and one half of one share purchase warrant, each whole warrant exercisable to purchase one additional common share for a period of two years from the date of closing at a price of $0.65 per share for the first year and at a price of $0.85 per share for the second year. Shares issued pursuant to the Offering, as well as any shares issued pursuant to the exercise of the warrants, are subject to a four-month hold period from the date of closing.

Proceeds from the private placement will be used to fund the Company's exploration program on its joint venture properties with the Kapawe'no First Nation of Alberta, and for general working capital. The current program will include proprietary seismic and exploratory drilling, following up the Company's drilling success with Kapawe'no earlier this year. The Company's successful well at Kapawe'no is currently being tied-in to nearby facilities and is expected to be producing for gas sales by the New Year.

The Company would also like to announce the appointment of Patrick McGrath, CGA to the position of Chief Financial Officer. Mr. McGrath provides accounting services to several public oil and gas Companies.

ON BEHALF OF THE BOARD OF DIRECTORS OF NORTHERN SUN EXPLORATION COMPANY INC


Posts: 443 | From: Valemount | Registered: Dec 2003  |  IP: Logged | Report this post to a Moderator
BCmouser
Member


Member Rated:
5
Icon 1 posted      Profile for BCmouser     Send New Private Message       Edit/Delete Post   Reply With Quote 
Up to .55 today. Just the start I believe. Once they start bringing in revenues from their first producing well it will jump. Will continue up as they announce more discoveries in this lucrative area.JMHO
Posts: 443 | From: Valemount | Registered: Dec 2003  |  IP: Logged | Report this post to a Moderator
   

Quick Reply
Message:

HTML is not enabled.
UBB Code™ is enabled.

Instant Graemlins
   


Post New Topic  Post A Reply Close Topic   Feature Topic   Move Topic   Delete Topic next oldest topic   next newest topic
 - Printer-friendly view of this topic
Hop To:


Contact Us | Allstocks.com Message Board Home

© 1997 - 2018 Allstocks.com. All rights reserved.

Powered by Infopop Corporation
UBB.classic™ 6.7.2

Share