Corporate Update

Rhea-AI Summary

Northern Lights Resources Corp. (CSE:NLR, OTC:NLRCF) has issued 10,655,833 common shares to Mirabel Capital Ltd as part of a convertible security agreement dated May 28, 2021. This conversion amounts to US$150,000 of a total US$890,000 principal. Following this issuance, the total number of common shares outstanding is now 125,722,726. Northern Lights is involved in two main projects: the Secret Pass Gold Project in Arizona and the Medicine Springs silver-zinc-lead Project in Nevada.

Positive

• Issuance of 10,655,833 common shares could boost capital structure.
• Company advancing two significant projects, indicating growth potential.

Negative

• Conversion could dilute existing shareholders due to the issuance of new shares.

VANCOUVER, BC / ACCESSWIRE / February 11, 2022 / Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company")(CSE:NLR)(OTC:NLRCF) announces that it has issued 10,655,833 common shares of the Company to Mirabel Capital Ltd (the "Investor") under the terms of the convertible security agreement announced May 28, 2021 (the "Conversion Shares"). The Conversion Shares were issued upon the Investor converting US$150,000 of the original US$890,000 principal amount. Please see the NLR announcement of May 28, 2021 for details of the conversion terms.

Following the issue of the Conversion Shares, Northern Lights has 125,722,726 common shares on issue.

For further information on Northern Lights Resources please contact:

Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163

Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163

Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
Tel: +1 604 773 0242

About Northern Lights Resources Corp.

Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights is earning 100% in joint venture with Reyna Silver Corp.

Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.

SOURCE: Northern Lights Resources Corp.

View source version on accesswire.com:
https://www.accesswire.com/688486/Corporate-Update

FAQ

What is the significance of the share issuance by Northern Lights Resources Corp (NLRCF)?

The issuance of 10,655,833 common shares underlines a capital raising effort and potential dilution of existing shares.

How many total shares are outstanding for NLRCF after the recent issuance?

After the issuance, Northern Lights Resources Corp has 125,722,726 common shares outstanding.

What projects is Northern Lights Resources Corp currently developing?

Northern Lights is advancing the Secret Pass Gold Project in Arizona and the Medicine Springs project in Nevada.

What was the amount converted in the share issuance for NLRCF?

The investor converted US$150,000 of the original US$890,000 principal amount.