Northern Empire Announces Change in Management and Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 13, 2016) - Northern Empire Resources Corp. (TSX VENTURE:NM) ("Northern Empire"), today announced that Mr. Michael G. Allen has agreed to join the board of directors of the Company and to accept the appointment of President and Chief Executive Officer. Mr. Allen will replace Jim Paterson, with Mr. Paterson continuing his role as a director of the Company. Northern Empire also announces the appointment of Mr. Jeffrey R. Sundar to the board of directors.
"We are very happy to welcome two new board members to our team. Mike Allen exhibits exceptional personal leadership qualities, enhanced and cultivated by two decades of wide ranging experiences in mining exploration. As President and CEO, Mike will lead efforts to advance our Richardson Gold Property in Alaska, and seek new accretive acquisition opportunities to grow the Company and add value for shareholders. Mike has a deep well of knowledge to draw from as he takes the helm at Northern Empire. Jeff Sundar's corporate development efforts to date must be commended, and his decision to join our board as an independent member is a natural progression for both him and the Company. Jeff's wide range of industry contacts, from retail and institutional investors to mining company executives, will continue to benefit Northern Empire as the company raises funds, acquires projects and seeks joint venture partners," stated Northern Empire Chairman John Robins.
Private Placement
The Company also announced today its intention to carry out a non-brokered private placement (the "Private Placement") for gross proceeds of up to $1,050,000 through the issue of up to 7,000,000 units at a price of $0.15 per unit. Each unit will consist of one common share and one half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the Company at a price of $0.25 per common share for a period of 18 months from the date of issue of the units.
The proceeds of the Private Placement will be used by Northern Empire to fund exploration at the Richardson Gold Property in Alaska, for general corporate purposes, and on-going property holding and maintenance costs.
In accordance with securities legislation, all securities issued pursuant to the Private Placement and will be subject to a "hold period" in Canada of four months and one day from the date of issuance. The Company may pay finders fees and/or commissions to eligible persons in connection with the Private Placement in accordance with the policies of the Exchange.
Closing of the Private Placement is subject to the receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.
Biographies for Board and Management Appointees
Michael G. Allen, P.Geo., President, CEO & Director
Mike comes to Northern Empire with a wealth of experience in the mining industry. Mike has a strong background in project evaluation, recently evaluating in excess of 400 gold projects worldwide. This effort led Mike to identify and negotiate the purchase agreement of a significant gold project in Nevada. On the strength of the asset, Mike was part of the team that raised in excess of $30 million to complete the transaction and acquire the project. Post-acquisition, Mike was a strong advocate for the project, meeting with stakeholders to receive permits for the project, as well as a member of the team that completed a positive Pre-Feasibility Study.
Mike has negotiated and maintained numerous option agreements to acquire properties in Canada and the USA, with vendors such as Queenston Mining, Newmont Mining and Fronteer Gold. Shareholder relations is also an area where Mike has excelled, meeting with individual retail clients to institutional investors and analysts to advocate for the Company and project.
A geologist by training, Mike graduated from the University of Alberta in 1997 and 1998, and started his career exploring for diamonds. While exploring for gold in the Arctic at the Hope Bay project, Mike was fortunate enough to work with Northern Empire Director, Adrian Fleming, after which he joined De Beers to assist in developing the Snap Lake Mine. Mike has a strong technical background having explored for gold in the Arctic, British Columbia, Ontario and Nevada as well as base metals, both in Canada and internationally. Mike has worked in both open pit and underground mines, as well as managing construction of new mines and exploration crews while making safety the highest priority.
Jeffrey R. Sundar, Director
Jeff has over sixteen years of experience in the capital markets and mineral exploration sector. In his role as V.P. Corporate Development, Jeff successfully oversaw Northern Empire's corporate development, marketing, and financing since 2014. He was a founding director and vice-president of Underworld Resources, which discovered the 1.6 million oz White Gold deposit in west-central Yukon and was subsequently acquired by Kinross Gold for $138 million in June 2010. In 2007, Jeff co-founded the STAND Foundation, a public foundation whose purpose is to support the enhancement of skills, knowledge and livelihoods of marginalized young adults in the Greater Vancouver area.
Jeff is a founding director and vice president of Genesis Metals Corp. (TSX VENTURE:GIS), where he recently led his team through the successful acquisition of the Chevrier Gold Property in Quebec. While relinquishing his V.P. Corporate Development title, Mr. Sundar will continue to be a highly valuable member of Northern Empire's team, as an independent and active member of the board of directors.
About Northern Empire
Northern Empire follows the "Project Generator" business model to take advantage of the depressed market conditions in the resource sector to acquire low acquisition and low holding cost properties with significant exploration potential.
Northern Empire's experienced board and management team feels that executing the Project Generator business model is the most practical way to provide investors the potential excitement and value creation of mineral discoveries, without the financial risks and equity dilution of standard exploration programs.
ON BEHALF OF THE BOARD OF Northern Empire Resources Corp.
Jim Paterson, Director
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.
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.
Contact
Northern Empire Resources Corp.
Jeff Sundar
Director
604 764 5944
jsundar@northernemp.com
Northern Empire Resources Corp.
Michael G. Allen
President, CEO and Director
(604) 646 8356
mallen@northernemp.com