Chairman and CEO Acquires Additional Common Shares of Northern and Northern Closes Remainder of Private Placement in Escrow

    




  

 TORONTO, Aug. 3, 2012 /CNW/ - Northern Financial Corporation ("Northern"  or the "Company")  announced the acquisition of 2,000,000  common shares of Northern  on July 31, 2012, by Mr. Vic  Alboini, Chairman and Chief Executive Officer of Northern under  Northern's previously announced private placement. Northern also  announces the issuance of an additional 2,000,000 common shares of  Northern in escrow at a price of $0.05 per common share, completing the  previously announced non-brokered private placement. 

 Mr. Alboini acquired 2,000,000 common shares of Northern, representing  approximately 4.9% of Northern's total issued shares. Prior to the  transaction and upon the completion of the first tranche of the private  placement, Mr. Alboini owned 9,340,236 common shares representing  approximately 25.5% of the then issued and outstanding common shares. 

 Mr. Alboini owns or has control or direction over 11,340,236 common  shares representing approximately 27.9% of the issued and outstanding  Common Shares. 

 The common shares were issued to Mr. Alboini under a private placement  of common shares by Northern previously announced on June 28, 2012, at  a cost of $0.05 per common share. Mr. Alboini may, directly or  indirectly, depending on market and other conditions, acquire  beneficial ownership of, control or direction over, additional common  shares, through market transactions, private agreements or  otherwise. Mr. Alboini may, depending on market and other conditions,  sell any or all of the common shares. 

 About Northern Financial Corporation Northern Financial Corporation wholly owns Northern Securities Inc., a  full service investment dealer that provides financial advisory  services to retail and institutional clients and investment banking  services to small capitalization companies. 

 The TSX Venture Exchange does not accept responsibility for the adequacy  or accuracy of this news release. This press release may contain  forward-looking statements with respect to the Company, its operations,  strategy, financial performance and condition. These statements  generally can be identified by use of forward looking words such as  "may", "will", "expect", "estimate", "anticipate", intends", "believe"  or "continue" or the negative thereof or similar variations. The actual  results and performance of the Company discussed herein could differ  materially from those expressed or implied by such statements. Such  statements are qualified in their entirety by the inherent risks and  uncertainties surrounding future expectations. Important factors that  could cause actual results to differ materially from expectations  include, among other things, general economic and market factors,  competition, changes in government regulations and the factors  described under "Risk Factors" in the Management's Discussion and  Analysis and Filing Statement of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements  attributable to the Company and persons acting on their behalf. Unless  otherwise stated, all forward-looking statements speak only as of the  date of this press release and the Company has no obligation to update  such statements. 

Northern Financial Corporation


CONTACT:  Vic AlboiniChairman and CEO(416) 644-8110 


    

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