Northern Lights Completes Shares for Debt Settlement

Core Viewpoint - Northern Lights Resources Corp. has successfully completed a shares for debt settlement, enhancing its balance sheet while preserving cash resources for ongoing exploration projects [1][4]. Debt Settlement Details - The company issued a total of 825,000 common shares at a deemed price of $0.08 per share to settle $66,000 of outstanding debt [2]. - Initially, the company proposed to settle $104,000 of debt through the issuance of up to 1,300,000 shares, but the final amount was reduced due to one consultant opting out of the settlement [3]. Insider Participation - Of the $66,000 settled, $31,000 was related to an arm's length creditor, while insiders accounted for $35,000 of the debt settled, resulting in the issuance of 437,500 shares to insiders [5]. - The participation of insiders is classified as a related party transaction, and the company relied on exemptions from formal valuation and minority shareholder approval requirements as the value did not exceed 25% of the company's market capitalization [6]. Regulatory Compliance - All shares issued are subject to a statutory hold period of four months and one day from the issuance date, in accordance with applicable securities laws [4]. - No new control person was created as a result of the debt settlement [7]. Company Overview - Northern Lights Resources holds interests in the Pup Copper Project in Yukon and the Secret Pass Gold Project in Arizona, along with a 1% NSR royalty on the Medicine Springs Silver Project in Nevada [9].