MONTREAL, QUEBEC--(Marketwire - Sept. 13, 2012) - Northcore Resources Inc. (TSX VENTURE:NCR) is seeking to raise up to $400,000 through the issue of a non-brokered private placement of common shares at a price of half a cent ($0.005) per common share ("Shares"). The Shares will be subject to a 4 month hold period. The principal purpose of the proceeds of this private placement will be to maintain and preserve Northcore's existing operations, activities and assets.
The private placement is subject to the TSX Venture Exchange's notice to issuers dated August 17, 2012, regarding temporary relief from certain pricing requirements. Under the rules and regulations of the bulletin, the company is in the process of providing the TSX-V with information and documentation to support the TSX-V's conditional acceptance of the private placement and granting relief from certain existing pricing requirements.
The private placement has been duly and validly approved by the company's board of directors. This private placement is necessary to support existing operations, activities and assets, and none of the proceeds will be used to finance the purchase or pursuit of new businesses or otherwise satisfy obligations to any person who is a related party (as such term is defined in Policy 1.1 of the TSX-V corporate finance manual).
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.