CALGARY, Alberta, Oct. 20, 2017 (GLOBE NEWSWIRE) — Newton Energy Corporation (NEX:NTN.H) (the “Company” or “Newton“) announces that it intends to complete by November 30, 2017 a third closing of its previously announced non-brokered private placement of a minimum of 10,000,000 common shares of Newton (the “Common Shares”) and up to a maximum of 33,333,333 Common Shares at a price of $0.015 per Common Share for minimum gross proceeds of $150,000 and maximum gross proceeds of $500,000 (the “Private Placement“).
Gross proceeds from the Private Placement will be used by the Company towards the reduction of accounts payable and for general working capital. Pursuant to applicable securities laws, all securities issued pursuant to the Private Placement will be subject to a hold period of four months plus one day following the date of issuance of such securities.
For further information, please contact:
Newton Energy Corporation
Gino DeMichele, President & CEO
1600, 333 – 7th Avenue S.W.
Calgary, Alberta T2P 2Z1
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company’s ability to obtain necessary approvals from the NEX Board, the closing of the additional tranche and final approval for the Private Placement. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Newton’s disclosure documents on the SEDAR website at www.sedar.com. Newton does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the NEX Board nor its Regulation Services Provider (as that term is defined in the policies of the NEX Board) accepts responsibility for the adequacy or accuracy of this release.