News Column

Pierre Caland Acquires Ownership of Securities of Northern Gold Mining Inc.

May 20, 2014

Newsfile Corp.



Toronto, Ontario--(Newsfile Corp. - May 20, 2014) - Pierre Caland of Ruttimattstrasse 16, Gstaad, Switzerland, 3780, announces that he has indirectly acquired ownership and control of 14,000,000 units (" Units") of Northern Gold Mining Inc. (TSXV: NGM) (the " Reporting Issuer"), with each Unit comprised of one common share in the capital of the Reporting Issuer (each, a " Share") and one Share purchase warrant (each, a " Warrant"), each such Warrant entitling the holder thereof to acquire one additional Share at a price of $0.05 at any time prior to May 14, 2019. The 14,000,000 Units were acquired at a price of $0.05 per Unit as part of a private placement of 28,400,000 Units by the Reporting Issuer (the " Offering").

Prior to the Offering, Mr. Caland had beneficial ownership and control of an aggregate of 50,769,515 Shares, representing approximately 17.72% of the issued and outstanding Shares on a non-diluted basis, as well as beneficial ownership and control of 3,750,000 Warrants exercisable for 3,750,000 Shares at a price of $0.55 per Share until November 1, 2014 and 6,000,000 Warrants exercisable for 6,000,000 Shares at a price of $0.10 per Share until February 25, 2019, representing approximately 56.56% of the outstanding Warrants.

Immediately following the Offering, Mr. Caland has beneficial ownership and control of an aggregate of 64,769,515 Shares, representing approximately 20.57% of the issued and outstanding Shares on a non-diluted basis, and beneficial ownership and control of 23,750,000 Warrants, representing approximately 52.04% of the outstanding Warrants.

Assuming the exercise of the Warrants, Mr. Caland would directly and beneficially own and control an aggregate of 88,519,515 Shares, representing approximately 26.14% of the issued and outstanding Shares on a partially-diluted basis.

The details of Mr. Calandís interests in the Reporting Issuer following the Offering are as follows:



Wallington Investment Holdings Ltd. (" Wallington") owns 36,725,015 Shares, or approximately 11.66% of the issued and outstanding Shares on a non-diluted basis. Wallington also holds 23,750,000 Warrants, or approximately 52.04% of the outstanding Warrants;



Bomoseen Investments Ltd. (" Bomoseen") owns 625,000 Shares, or approximately 0.02% of the issued and outstanding Shares on a non-diluted basis; and



Mr. Caland is the registered owner of 27,419,500 Shares, or approximately 8.71% of the issued and outstanding Shares on a non-diluted basis.

Mr. Caland is the ultimate sole beneficial shareholder of, and exercises complete voting control over, Wallington and Bomoseen.

The Shares and the Warrants directly and indirectly held by Mr. Caland, including those underlying the 14,000,000 Units indirectly purchased by Mr. Caland, are being held for investment purposes. In the future Mr. Caland may, depending on market and other conditions, increase or decrease his beneficial ownership of securities of the Reporting Issuer.

Mr. Caland resides in a foreign jurisdiction, and his purchase of Units was made on a prospectus-exempt basis pursuant to the securities laws of such foreign jurisdiction.

For further information or to obtain a copy of the relevant early warning report, please contact:

Eric Szustak

Deca Global Advisors Inc.

20 Victoria Street, 8 th Floor

Toronto, Ontario M5C 2N8

Telephone: (905) 330-7948




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Source: Newsfile Press Release Wire


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