Northfield issues private placement

Toronto-based Northfield Minerals (ASE) hopes to raise $600,000 through a private placement of more than 1.3 million units at 47.5 centsper unit.

Each unit consists of one share and one warrant. A warrant can be redeemed for an additional share at 65 centsif exercised within six months, or 75 centsif exercised within 12 months.

The placement is expected to close in September.

In other news, Hemlo Gold Mines (TSE) has nearly completed a second phase of drilling on Northfield’s Bear Lake property near Larder Lake, Ont. Hemlo can earn a 50% interest by spending $2.2 million over four years.