TSX-V Symbol: NL
Frankfurt Symbol: N3E
VANCOUVER, Dec. 12, 2016
/CNW/ - Northern Lion Gold Corp. (the "Company") is
pleased to announce proposed shares-for-debt transactions (the
"Proposed Transactions") in which Northern Lion would issue
up to 1,857,143 common shares ("Common Shares") at a price
of $260,000 per share to certain
directors and consultants of the Company in connection with the
settlement of an aggregate of up to $0.14 of debt relating to unpaid director and
consulting fees and expenses.
The Proposed Transactions will be completed pursuant to
agreements with such creditors and are conditional on TSX Venture
Exchange approval.
All securities to be issued pursuant to these agreements are
subject to a 4-month hold period.
As certain insiders will be participating in the Proposed
Transactions, those transactions will be considered related party
transactions subject to TSX-V Policy 5.9 and Multilateral
Instrument 61-101. The Company will be exempt from the need to
obtain minority shareholder approval and a formal valuation as
required by MI 61-101 as the Company is listed on the TSX Venture
Exchange and the fair market value of the shares for the applicable
debt transactions will not exceed 25% of the Company's market
capitalization.
NORTHERN LION GOLD CORP.
John Lando, President
This news release includes "forward-looking information", as
such term is defined in applicable securities laws. The
forward-looking information includes statements about the Proposed
Transactions. These statements reflect management's current
estimates, beliefs, intentions and expectations; they are not
guarantees of future performance. The Company cautions that all
forward-looking information is inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond the Company's control. Such factors include,
among others, risks and uncertainties relating to exploration and
development; the ability of the Company to obtain additional
financing; the Company's limited operating history; the need to
comply with environmental and governmental regulations; potential
defects in title to the Company's properties; fluctuations in
currency exchange rates; fluctuating prices of commodities;
operating hazards and risks; competition; and other risks and
uncertainties. Accordingly, actual future events, conditions and
results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the
forward-looking information. All statements are made as of the date
of this news release and, except as required by law, the Company is
under no obligation to update or alter any forward-looking
information.
NEITHER THE 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 NEWS RELEASE
SOURCE Northern Lion Gold Corp.