interesting NFC
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Northern Financial closes offering for $100,000
2012-11-09 17:45 ET - News Release
Mr. Vic Alboini reports
NORTHERN FINANCIAL ANNOUNCES CHAIRMAN AND CHIEF EXECUTIVE OFFFICER PURCHASES ADDITIONAL SHARES IN NON-BROKERED PRIVATE PLACEMENT
Northern Financial Corp. has closed a non-brokered private placement, consisting of two million common shares at a price of five cents per common share, for gross proceeds of $100,000. Vic Alboini, chairman and chief executive officer of Northern, subscribed for the entire amount of the private placement.
Mr. Alboini now owns or has control over 13,570,332 common shares of Northern. In accordance with applicable securities legislation, the common shares issued will be subject to a hold period of four months plus one day from the date of closing, expiring March 10, 2012.
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Interesting that Vic keeps pumping money into this at 5 pennies, in what is basically a debt to equity conversion if that $100,000 dollars is used to pay off a demand loan. But here we sit still with a 1.5 cent bid... Fantastic!!!!!
