On May 30, 2017, Northern Empire Resources Corp. completed a private placement of 78,230,095 subscription receipts at a price of $0.25 per subscription receipt for gross proceeds of approximately $20.0 million. The private placement was led by Cormark Securities Inc. on behalf of a syndicate of agents including GMP Securities L.P., Haywood Securities Inc. and PI Financial Corporation. The gross proceeds from the financing were used by Northern Empire to acquire the Sterling Gold Project in Nevada.
On July 18, 2017, Northern Empire filed a final short form prospectus to qualify the distribution of, among other things, the common shares of Northern Empire issuable upon conversion of the subscription receipts.
Cassels Brock represented the agents with a team comprised of Chad Accursi, Joel McElravy, and James Lyle (Securities and Mining); and Christopher Norton and Brittany Finn (Tax).