June 24, 2021
Vancouver, B.C., June 24, 2021. Norden Crown Metals Corp. (“Norden Crown” or the “Company”) (TSXV:NOCR, OTC:NOCRF, Frankfurt: 03E) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement”).
Further to its news release of June 21, 2021, the consolidation of the issued and outstanding common shares of the Company on the basis of three existing common shares for one new consolidated common share (the “Consolidation”) was effective at market open on June 23, 2021 (the “Effective Date”).
All securities issued under the Private Placement have been issued on a post-Consolidation basis as of the Effective Date.
Under the Private Placement, 8,625,617 units of the Company (“Units”) were issued at $0.30 per Unit on a post-Consolidation basis for total gross proceeds to Norden Crown of approximately $2.59 million.
Each Unit consists of one common share (a “Common Share”) and one common share purchase warrant (a “Warrant”), with each Warrant being exercisable for one additional Common Share at a price of $0.60 on a post-Consolidation basis for a period of 36 months from the date of issue. The expiry date of the Warrants is subject to acceleration, at the Company’s discretion, if the Company’s shares trade on a volume-weighted average price basis of $1.80 on a post-Consolidation basis or higher for 10 consecutive trading days, in which case holders will have 30 days to exercise the Warrants.
All securities issued under the Private Placement are subject to a statutory hold period expiring four months and one day from the issue date. The TSXV has conditionally approved the Private Placement, subject to customary final filings.
In connection with the Private Placement, the Company paid certain arm’s length finders, finders’ fees totaling $18,207 and 60,690 Warrants.
Net proceeds of the Private Placement will be used to carry out an airborne magnetic survey, geological mapping, geochemical sampling and a phase 2 step out drilling program at the Company’s Fredriksson Gruva discovery and for general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933 as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.