Welcome!

News Feed Item

Northern Sun Extends Term of Loan Agreement with Strategic Partner Jien International Investment Inc. and Advises on Status of TSX Listing

TORONTO, ONTARIO -- (Marketwired) -- 01/28/14 -- Northern Sun Mining Corp. (TSX: NSC) (formerly Liberty Mines Inc.) ("Northern Sun" or the "Company") has entered into a revised loan agreement with Jien International Investment Inc. ("JIIL"), its strategic partner and largest shareholder, to consolidate all of the outstanding debt and to extend the maturity date of all amounts owing to JIIL to December 31, 2015. Pursuant to the loan agreement, JIIL has reaffirmed its commitment to continue to support the Company as needed during 2014, until such time as the Company becomes cash flow positive. The amended loan agreement confirms that pursuant to the credit facility Northern Sun owes JIIL $118,311,604, consisting of $107,849,060 in principal and $10,462,544 in interest. The amount outstanding under the loan will incur an interest rate of 10%, will be secured against all of the assets of the Company and will mature on December 31, 2015.

Recently, the Company settled $1,254,000 in debt owing to JIIL through a shares-for-debt transaction and intends to settle an additional $878,500 in debt owing to JIIL by way a shares for debt settlement. (See Press Releases dated October 23, 2013 and January 14, 2014).

David Rigg, President and CEO of Northern Sun, commented, "We are extremely pleased to have finalized the loan extension with JIIL and remain confident that through the implementation of our turnaround plan, the Company will be in a position to become cash flow positive in the near term. We are actively working with JIIL to identify additional assets of merit for acquisition and continue to work towards the completion of the Snow Lake acquisition in order to significantly expand our resource base."

Completion of the transaction remains subject to receipt of all necessary regulatory approvals and shareholder approval, where necessary. JIIL is a related party of Northern Sun as it holds 60% of the issued and outstanding common shares of the Company and has common directors. The Corporation shall seek the requisite minority shareholder approval in the event that such approval is required.

In addition, the Company announces that the Listing Committee of Toronto Stock Exchange (the "TSX") has decided to delist the common shares of the Company effective February 19, 2014 from the TSX due to its failure to meet certain listing requirements. The Company is considering filing an appeal in accordance with the requirements of the TSX to repeal the decision of the Listing Committee. In order to ensure there is an appropriate market available for shareholders of Northern Sun, the Company has submitted a listing application to the TSX Venture Exchange (the "TSXV") to have the Company's common shares listed and publicly traded on the TSXV. The Company will be providing shareholders with updates on both the appeal with the TSX and listing procedure with the TSXV in the coming weeks.

About Northern Sun Mining Corp.

Northern Sun owns two former producing nickel mines and a large prospective land package in the Shaw Dome area, a prospective nickel belt near Timmins, Ontario. Northern Sun owns the Redstone Mill which has operated as the only nickel concentrator in this Region. The Mill was designed with two processing circuits which are permitted to operate in tandem at 1,500 tonnes per day ("tpd"), but with the flexibility to operate independently processing two different ore types, each at 750 tpd. In 2014, the Company intends to re-open the mill to offer toll milling services to a variety of deposits in the Timmins Camp and general area. For additional information please visit our website at www.northernsunmining.ca and follow us on Facebook, LinkedIn or on Twitter @NorthernSunMine.

REGULATORY NOTES AND CAUTIONARY STATEMENTS

This document includes "forward-looking statements", as defined under applicable securities laws. All statements, other than statements of historical fact, including statements regarding the impact of the loan extension, the timing of the completion of the Snow Lake acquisition and other significant transactions, government approvals with respect to the environmental remediation, future plans and objectives of Northern Sun, and the timing and completion of necessary financing and its consequences are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Northern Sun's expectations are: insolvency risks; regulatory approvals; environmental risks and other risks inherent in the mining industry, as described in Northern Sun's public filings. Forward-looking statements speak only as of the date on which they are made. Northern Sun does not undertake to publicly update any such statement, except where required by securities regulations. Accordingly, readers should not place undue reliance on forward-looking statements.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained here.

Contacts:
Northern Sun Mining Corp.
David Rigg
President & CEO
+1 416-861-5889
[email protected]
www.northernsunmining.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
SYS-CON Events announced today that IoT Global Network has been named “Media Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. The IoT Global Network is a platform where you can connect with industry experts and network across the IoT community to build the successful IoT business of the future.
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Disruption, Innovation, Artificial Intelligence and Machine Learning, Leadership and Management hear these words all day every day... lofty goals but how do we make it real? Add to that, that simply put, people don't like change. But what if we could implement and utilize these enterprise tools in a fast and "Non-Disruptive" way, enabling us to glean insights about our business, identify and reduce exposure, risk and liability, and secure business continuity?
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
Transformation Abstract Encryption and privacy in the cloud is a daunting yet essential task for both security practitioners and application developers, especially as applications continue moving to the cloud at an exponential rate. What are some best practices and processes for enterprises to follow that balance both security and ease of use requirements? What technologies are available to empower enterprises with code, data and key protection from cloud providers, system administrators, inside...
Consumer-driven contracts are an essential part of a mature microservice testing portfolio enabling independent service deployments. In this presentation we'll provide an overview of the tools, patterns and pain points we've seen when implementing contract testing in large development organizations.