Northern Financial Corporation (TSXV:NFC) announced a private placement of shares for gross proceeds of up to CAD 500,000 on January 8, 2013. The company shall issue the shares at a minimum issue price of CAD 0.01 per share. The transaction is expected to close on or about January 11, 2013.

On January 22, 2013, the company announced that no proceeds have been raised till date and insiders will subscribe to maximum of 25% of the proceeds.