Northern Financial has completed a private placement of units in the amount of $518,750 to two investors.

This transaction increases the company’s liquid cash assets to $1.73-million. In the private placement, the company issued 10.5 million shares and 10.5 million five-year warrants at an exercise price of 5¢.

Vic Alboini, chairman and chief executive officer of the company, acquired 10 million of the 10.5 million common shares at a price of 5¢ per share and 10 million of the 10.5 million warrants. As a result of the transaction, Alboini owns 32,355,907 shares or approximately 18% of the total issued common shares of Northern. The company has 179,879,857 issued common shares.

Alboini also holds $474,000 in debentures and 1,896,000 three-year warrants at an exercise price of 10¢ per share, 2,156,000 stock options at an exercise price of 55¢ per share, 250,000 options at an exercise price of 30¢ per share, three million options at an exercise price of 9¢ per share, which are subject to approval by the shareholders, and 5,000 options at an exercise price of 6.5¢ per share. The purpose of the purchase was for investment purposes.