TORONTO, March 4, 2010 (GLOBE NEWSWIRE) -- Allied Northern Capital Corporation (the "Company") is pleased to announce that on February 17, 2010 it completed a non-brokered private placement of 480,000 Common Shares to insiders of the Company for gross proceeds of $180,000. Each Common Share was issued at a price of $0.375 per share. The gross proceeds are to be used by the Company for working capital purposes.
All the securities issued in connection with the private placement will bear a resale restriction preventing such securities from being resold for four months and one day from closing. The Company currently has 7,705,268 common shares outstanding.
Statements in this release that are forward-looking reflect Allied Resource's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.