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Published on 6/22/2010 in the Prospect News PIPE Daily.

New Issue: Northern Gold's C$2.5 million placement of units fully subscribed

By Devika Patel

Knoxville, Tenn., June 22 - Northern Gold Mining Inc. said its C$2.5 million private placement of units with agent BayFront Capital Partners Ltd. has been fully subscribed. The deal, which was to be conducted on a best-efforts basis, priced June 21.

The company is selling 8,928,571 flow-through units at C$0.14 apiece. Each flow-through unit consists of one flow-through common share and one warrant. Each warrant is exercisable at C$0.17 for 18 months.

The company also is selling 10,869,565 hard-dollar units at C$0.115 apiece. Each hard-dollar unit consists of one common share and one warrant. Each warrant is exercisable at C$0.15 for 18 months.

Proceeds will be used for mineral exploration and working capital.

Northern Gold Mining is a Toronto junior resource company focused on the acquisition and exploration of base and precious metal mineral properties.

Issuer:Northern Gold Mining Inc.
Issue:Flow-through units of one flow-through common share and one warrant, hard-dollar units of one common share and one warrant
Amount:C$2.5 million
Warrants:One warrant per unit
Warrant expiration:18 months
Agent:BayFront Capital Partners Ltd.
Pricing date:June 21
Stock symbol:TSX Venture: NGM
Stock price:C$0.135 at close June 18
Market capitalization:C$5.94 million
Flow-through units
Amount:C$1.25 million
Units:8,928,571
Price:C$0.14
Warrant strike price:C$0.17
Hard-dollar units
Amount:C$1.25 million
Units:10,869,565
Price:C$0.115
Warrant strike price:C$0.15

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