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Northern Shield Resources ( (TSE:NRN) ) has shared an announcement.
Northern Shield Resources has closed a strategic, non-brokered private placement with Labrador Gold Corp., issuing 16,666,667 subscription receipts at $0.06 each for gross proceeds of $1 million, which are currently held in escrow pending Labrador Gold’s shareholder and regulatory approval for a change of business. Upon satisfaction of escrow conditions, the receipts will convert into units comprising common shares and warrants, giving Labrador Gold rights to maintain at least a 10% equity stake and appoint a technical advisor, while Northern Shield plans to deploy the funds into further exploration and diamond drilling at its Root & Cellar Property and for working capital, potentially strengthening its project pipeline and technical capabilities without incurring finder’s fees.
The most recent analyst rating on (TSE:NRN) stock is a Hold with a C$0.07 price target. To see the full list of analyst forecasts on Northern Shield Resources stock, see the TSE:NRN Stock Forecast page.
Spark’s Take on TSE:NRN Stock
According to Spark, TipRanks’ AI Analyst, TSE:NRN is a Neutral.
The score is held back primarily by weak financial performance (no revenue, persistent losses, and renewed cash burn). Offsetting factors include favorable technical momentum (price above major moving averages with positive MACD) and supportive corporate events (successful/upsized financings and positive drilling updates), while valuation remains unattractive due to negative earnings and no dividend.
To see Spark’s full report on TSE:NRN stock, click here.
More about Northern Shield Resources
Northern Shield Resources Inc. is a Canadian mineral exploration company focused on generating high-quality greenfield exploration targets with the aim of discovering near-surface, Tier 1 assets at relatively low cost. Using a model-driven exploration approach to mitigate early-stage project risk for shareholders and the environment, the company is advancing its Root & Cellar Property in Newfoundland, a large gold-silver-tellurium and copper porphyry system originally discovered by a local prospector.
Average Trading Volume: 203,964
Technical Sentiment Signal: Buy
Current Market Cap: C$9.47M
See more data about NRN stock on TipRanks’ Stock Analysis page.