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HudBay to buy 9.9 per cent of Northern Shield in private placement

By The Canadian Press  | January 31, 2012
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An employee adjust plates at HudBay's state-of-the-art zinc plant in Flin Flon, Man. in this undated handout photo. THE CANADIAN PRESS/HO, HudBay Minerals - Brian Pieters
An employee adjust plates at HudBay's state-of-the-art zinc plant in Flin Flon, Man. in this undated handout photo. THE CANADIAN PRESS/HO, HudBay Minerals - Brian Pieters

OTTAWA - Northern Shield Resources Inc. (TSXV:NRN] has struck a deal that will see base metals miner HudBay Minerals Inc. (TSX:HBM) buy 9.9 per cent of the Ottawa-based copper explorer.

Under the deal, announced Tuesday, HudBay has agreed to buy 11.3 million share and half-warrant units of of Northern Shield for 22 cents each — a price of nearly $2.5 million.

When the private placement closes, HudBay will own 9.9 per cent of Northern Shield, and up to 14.2 per cent if all the warrants are exercised.

The money will be used by Northern Shield to explore for copper, zinc, platinum and other minerals at its Wabassi and Storm properties in northern Ontario.

HudBay is an integrated mining company with mines and mills in North and South America. It produces zinc, gold and other metals.

"The investment by HudBay in Northern Shield is a very strong endorsement of the significant results attained to date from the Wabassi and Storm properties ," said Northern Shield president and CEO CEO, Ian Bliss.

In addition to the HudBay investment, Northern Shield said it expects to raise another $450,000 as part of a larger non-brokered private placement.

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