TORONTO, ONTARIO--(Marketwire - Sept. 10, 2012) - NORTHFIELD METALS INC. ("Northfield" or the "Corporation") is pleased to announce the closing of the first tranche of a private placement financing for gross proceeds of $471,000.
Northfield announces that it has issued 2,355,000 common shares at a price of $0.20 per share for gross proceeds of $471,000. All of the securities issued pursuant to the private placement financing are subject to a four month hold period.
In connection with the private placement financing, five arm's length finders received as compensation cash commissions aggregating $37,680. The net proceeds of the private placement financing will be used to finance exploration at the Borel River Property and for general corporate purposes.