Mining News: News Nuggets: Northern Empire picks new CEO; raising funds for AK exploration

Northern Empire Resources Corp. June 13 introduced Michael Allen as a new director, president and CEO of the company. A geologist by training, Allen graduated from the University of Alberta in 1998 and started his career exploring for diamonds. While exploring for gold at the Hope Bay project in Nunavut, he worked with Adrian Fleming, a director of Northern Empire, after which he joined De Beers to assist in developing the Snap Lake Mine. Over the past six years, Allen served as vice president of exploration for West Kirkland Mining. “As president and CEO, Mike will lead efforts to advance our Richardson Gold Property in Alaska, and seek new accretive acquisition opportunities to grow the company and add value for shareholders,” said Northern Empire Chairman John Robins. Allen will step into the executive roles previously held by Jim Paterson, who continues as a director of the company. Northern Empire also announced that Jeffrey Sundar is relinquishing his role as vice president of corporate development but is joining the company’s board of directors. Northern Empire also announced plans to carry out a nonbrokered private placement of up to C$1,050,000 through the issue of up to 7 million units at C15 cents apiece. Each unit will include one common share and one half of a purchase warrant, with each warrant entitling the holder to purchase one additional Northern Empire share at C25 cents for a period of 18 months. The proceeds of the financing will be used to fund exploration at the Richardson gold property in Interior Alaska; general corporate purposes; and property holding and maintenance costs.

-Shane Lasley