Northern Financial Corp. (NFC.V) announced the acquisition of 2 million common shares of Northern on July 31, 2012, Vic Alboini, Chairman and Chief Executive Officer of Northern under Northern's previously announced private placement.
Northern also announced the issuance of an additional 2 million common shares of Northern in escrow at a price of $0.05 per common share, completing the previously announced non-brokered private placement.
Alboini acquired 2 million common shares of Northern, representing approximately 4.9% of Northern's total issued shares. Prior to the transaction and upon the completion of the first tranche of the private placement, Alboini owned about 9.34 million common shares representing approximately 25.5% of the then issued and outstanding common shares.
Alboini owns or has control or direction over 11.34 million common shares representing approximately 27.9% of the issued and outstanding Common Shares.
The common shares were issued to Alboini under a private placement of common shares by Northern previously announced on June 28, 2012, at a cost of $0.05 per common share.
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by RTT Staff Writer
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