(TheNewswire)
 |
|||||||||
Vancouver, BC – March 30, 2026 – TheNewswire - Northern Lights Resources Corp. (CSE: NLR) (OTC: NLRCF) (“Northern Lights& or the “Company&) announces that it has completed a shares for debt settlement (the “Debt Settlement&) previously announced on March 20, 2026.
Pursuant to the Debt Settlement, the Company has issued an aggregate of 825,000 common shares (the “Settlement Shares&) at a deemed price of $0.08 per Settlement Share to settle $66,000 of outstanding indebtedness owing to certain creditors of the Company. As a result of the Debt Settlement, the indebtedness described above has been fully satisfied and extinguished.
As previously disclosed, the Company had initially proposed to settle $104,000 of indebtedness through the issuance of up to 1,300,000 common shares. Subsequent to the announcement, one consultant elected not to participate in the Debt Settlement, resulting in a reduction of the transaction to the amounts described above.
All Settlement Shares issued pursuant to the Debt Settlement are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.
“The completion of the Debt Settlement strengthens the Company&s balance sheet while preserving cash resources as we continue advancing our exploration projects.& stated Luka Capin, Chief Executive Officer of Northern Lights.
Of the total $66,000 of indebtedness settled, $31,000 relates to an arm&s length creditor, with the balance relating to insiders of the Company.
Insider Participation
Certain insiders of the Company participated in the Debt Settlement representing $35,000 of the indebtedness settled and 437,500 Settlement Shares issued.
The participation of such insiders constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101&). The Company relied on exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities issued to insiders nor the consideration paid exceeds 25% of the Company&s market capitalization.
No new control person was created as a result of the Debt Settlement.
Qualified Person
Steven McMullan, P. Geo. supervised the preparation of and reviewed and approved the scientific and technical information contained in this news release. Mr. McMullan is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
For Further Information
Luka Capin, Chief Executive Officer
Email: ir@northernlightsresources.com
Tel: +1 647 625 8669
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company advancing three key projects: the Horetzky Copper Project, located in the Babine Porphyry belt of central British Columbia, the Pup Copper Project in the Yukon and the 100% owned, Secret Pass Gold Project located in Arizona. Northern Lights also holds a 1% NSR royalty on the Medicine Springs Silver Project in Nevada100% owned byTorexGold Resources Inc.
Northern Lights Resources trades under the ticker of “NLR& on the CSE on the OTC under the ticker “NLRCF&and on the on the FSE under the ticker symbol “0ZH0&. This and other Northern Lights Resources news releases can be viewed at www.sedarplus.ca andwww.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements&). Forward-looking statements include, but are not limited to, the Company&s future exploration activities and corporate plans. Forward-looking statements are generally identified by words such as “anticipates&, “expects&, “intends&, “plans&, “believes&, or similar expressions, or statements that certain actions, events or results “may&, “could&, “would&, or “will& occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date of this news release and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to exploration activities, changes in market conditions, and other risks described in the Company&s public disclosure filings available on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking statements except as required by applicable securities laws.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2026 TheNewswire - All rights reserved.
