Chairman and CEO Sells Common Shares of Northern for Tax Planning Purposesadmin
Chairman and CEO Sells Common Shares of Northern for Tax Planning Purposes
Toronto, Ontario CANADA, December 09, 2013 /FSC/ – Northern Financial Corporation (NFC – TSX Venture), (“Northern” or the “Company”), announced the sale of 2,000,000 common shares of Northern (TSX-V: NFC) on December 9, 2013, by Vic Alboini, Chairman and Chief Executive Officer of Northern. The shares were sold by Mr. Alboini for tax planning purposes.
Mr. Alboini sold 2,000,000 common shares of Northern, representing approximately 4.5% of Northern’s total issued shares. Prior to the transaction, Mr. Alboini owned 13,958,386 common shares representing approximately 31.6% of the then issued and outstanding common shares.
Mr. Alboini owns or has control or direction over 11,958,386 common shares representing approximately 27.0% of the issued and outstanding Common Shares.
The common shares were sold by Mr. Alboini on the TSX Venture Exchange, at a cost of $0.005 per common share, pursuant to a Notice of Intention to Distribute Securities under Section 2.8 of NI 45-101 Resale of Securities filed by Mr. Alboini on November 14, 2013.
Mr. Alboini may, directly or indirectly, depending on market and other conditions, acquire beneficial ownership of, control or direction over, additional common shares, through market transactions, private agreements or otherwise. Mr. Alboini may, depending on market and other conditions, sell any or all of the common shares.
About Northern Financial Corporation
Northern Financial Corporation wholly owns Northern Securities Inc., a full service investment dealer that provides financial advisory services to retail and institutional clients and investment banking services to small capitalization companies.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. This press release may contain forward-looking statements with respect to the Company, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under “Risk Factors” in the Management’s Discussion and Analysis and Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chairman and CEO
To view the press release as a PDF file, please click on the following link:
Source: Northern Financial Corporation (TSX-V: NFC)
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Posted: December 9th, 2013 under FSCWIRE.