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") of Northern Gold Mining Inc. (TSXV: NGM)
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 "
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
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
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;
Mr. Caland is the registered owner of 27,419,500 Shares, or
approximately 8.71% of the issued and outstanding Shares on a
Mr. Caland is the ultimate sole beneficial shareholder of, and
exercises complete voting control over, Wallington and
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:
Deca Global Advisors Inc.
20 Victoria Street, 8
Toronto, Ontario M5C 2N8
Telephone: (905) 330-7948