Northland Resources S.A. NAU:CA announced that it has filed a final short form prospectus with the securities regulatory authorities in each province of Canada other than Quebec in connection with its previously announced offering of new shares. The offering will consist of an issue of a minimum of 90,363,854 shares and a maximum of 113,000,000 shares at an offer price of $2.27 per for gross proceeds of a minimum of $205,125,950 and a maximum of $256,510,000. Northland is a development-stage mining company with a portfolio of iron projects in northern Sweden and Finland.
If completed, the proceeds are intended to be used by Northland to fund capital expenditures at the Kaunisvaara Project (Sweden), for the feasibility study on the Hannukainen Project (Finland), for the feasibility study on the Pellivuoma deposit (Sweden), for exploration expenditures in Sweden and Finland, and for working capital and general corporate purposes.
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by Ted Niles