Newton Gold Closes Private Placement for Gross Proceeds of $1,656,400
Vancouver, British Columbia CANADA, November 25, 2011 /FSC/ - Newton Gold Corp. (NWG - TSX Venture), (the "Company") is pleased to announce, subject to receipt of final TSX Venture Exchange acceptance, that it has closed its non-brokered private placement that was originally announced on July 6, 2011.
The Company has completed the fourth and final tranche of the private placement and issued 240,000 Flow-Through Units ("FT Units") and 500,000 Non-Flow-Through Units ("NFT Units"), receiving gross proceeds of CDN$160,000 which will be applied to qualifying exploration expenses and general working capital. No finder's fees were paid during the fourth tranche.
Since July 2011, the Company raised a total of CDN$1,656,400 in gross proceeds and issued a total of 4,793,600 flow-through units and 2,290,000 non-flow-through units. A total of CDN$86,112 in finder's fees and 291,488 finder's warrants have been issued to certain persons and institutions who assisted in the placement of subscribers to the offering.
Each FT Unit consists of one "flow-through" common share and one non-flow-through warrant entitling the holder to purchase an additional common share for a period of two years at a price of $0.40 share during the first year and $0.50 per share during the second year (a "Warrant"). Each NFT Unit consists of one non-flow-through common share and one non-flow-through warrant entitling the holder to purchase an additional common share for a period of two years at a price of $0.30 share during the first year and $0.40 per share during the second year (a NFT Warrant"). The terms of each finder's warrant are the same as those of the financing.
About Newton Gold Corp.
Newton Gold Corp. is a British Columbia focused exploration company with two advanced exploration projects. The Company has an experienced management team with a growth strategy to develop a diversified portfolio of mining projects that can be taken into production. The company's main objective is to add shareholder value through efficient exploration, strategic acquisitions and joint ventures, and effective marketing while maintaining a lower risk profile through project diversification and sound financial management.
ON BEHALF OF THE BOARD OF DIRECTORS
"Mark McLeary"
Mark McLeary
President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
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http://www.usetdas.com/pr/newton11252011.htm
Source: Newton Gold Corp. (TSXV: NWG)
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