Corporate Update

Rhea-AI Summary

Northern Lights Resources Corp. has issued 1,873,482 common shares to vendors of the Medicine Springs Project as part of an Option Agreement with Reyna Silver Corp. This issuance is subject to a standard four-month hold period. Additionally, the expiration date of 12,627,772 previously issued common share purchase warrants, initially set for January 22, 2022, has been extended to January 22, 2025. These developments are part of the company's ongoing efforts in mineral exploration, particularly in its Medicine Springs project.

Positive

• Issuance of 1,873,482 shares indicates progress in the Medicine Springs Project.
• Extension of warrant expiry gives investors more time to exercise their options.

Negative

• Potential dilution of existing shareholders due to new share issuance.

VANCOUVER, BC / ACCESSWIRE / December 17, 2021 / Northern Lights Resources Corp. (the "Company") (CSE:NLR)(OTCQB:NLRCF) announces that it has issued 1,873,482 common shares of the Company (the "Shares") to the vendors of the Medicine Springs Project under the terms of the Medicine Springs Option Agreement and the subsequent Option/Joint Venture Agreement with Reyna Silver Corp. (see NLR announcement October 5, 2020).

The Shares are subject to the standard 4 month plus one day hold period.

In addition, the Company announces 12,627,772 previously issued common share purchase warrants exercisable at $0.075 with the private placement announcement January 3 , 2020 expiring January 22, 2022 the board has extended the expiry date by 36 months to January 22, 2025.

For further information, please contact:

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

Jason Bahnsen, Chief Executive Officer
Email: Jason@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, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.

Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. 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 Offering. 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.

SOURCE: Northern Lights Resources Corp.

View source version on accesswire.com:
https://www.accesswire.com/678437/Corporate-Update

FAQ

What recent developments has Northern Lights Resources Corp. announced regarding the Medicine Springs Project?

Northern Lights Resources Corp. has issued 1,873,482 common shares to vendors of the Medicine Springs Project as per the Option Agreement with Reyna Silver Corp.

What is the new expiry date for the common share purchase warrants of Northern Lights Resources?

The expiry date for the 12,627,772 common share purchase warrants has been extended to January 22, 2025.

What was the initial expiry date for the common share purchase warrants mentioned in the Northern Lights Resources PR?

The initial expiry date for the common share purchase warrants was January 22, 2022.

How many shares have been issued by Northern Lights Resources Corp. recently?

Northern Lights Resources Corp. has issued 1,873,482 common shares recently.

What impact does the share issuance have on Northern Lights Resources Corp. shareholders?

The issuance of new shares may lead to the dilution of existing shareholders' stakes in the company.