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Vancouver, British Columbia – TheNewswire - February 13, 2025, Northern Lights Resources Corp. (“Northern Lights” or the “Company”) (CSE:NLR, OTC: NLRCF) is pleased to announce that it has finalized a debt settlement agreement with Mirabel Capital, Ltd. (“Mirabel Capital”) and has completed a private placement raising aggregate proceeds of C$100,000.
Debt Settlement with Mirabel Capital
Northern Lights has reached an agreement with Mirabel Capital for the settlement the outstanding US$285,502 of debt owed by the Company, dated February 6, 2025 (the “Settlement Agreement”).
Northern Lights has paid Mirabel Capital consideration of 1,500,000 common shares of Renya Silver Corp. and C$100,000 cash as full repayment of all debt owing including forgiving all accrued interest.
Completion of Private Placement
Northern Lights has completed the non-brokered private placement of 4,000,000 subscription receipts (“Subscription Receipts”) at an issue price of $0.025, as announced February 3, 2025, raising aggregate gross proceeds of C$100,000 (the “Financing”).
With the completion of the Settlement Agreement with Mirabel Capital, the Subscription Receipts have been converted to underlying units (‘Underlying Units”) on a one for one basis. Each Underlying Unit consists of one (1) common share in the capital of Northern Lights (an "Underlying Share") and one whole share purchase warrant (an "Underlying Warrant"). Each Underlying Warrant will entitle the holder to acquire one (1) additional common share, at an exercise price of C$0.05 per share, for a period of 24 months from the issuance of the Underlying Units.
No finders fees are payable in connection with the debt settlement or the Financing.
For Further Information
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company advancing two key projects: the Horetzky Copper Project, located in the Babine Porphyry belt of central British Columbia and the 100% owned, Secret Pass Gold Project located in Arizona. Northern Lights also holds a 1% NSR royalty on the Medicine Springs Silver Project in Nevada owned by Reyna Silver Corp.
Northern Lights Resources trades under the ticker of “NLR” on the CSE and on the OTC under the ticker “NLRCF”. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com .
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION : This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Financing. There is no assurance any settlement agreement will be finalized with Mirabel. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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