CALGARY, ALBERTA--(Marketwire - March 6, 2012) - Newton Energy Corporation (the "Company" or "Newton") (TSX VENTURE:NTN) announces that it plans to complete a non-brokered private placement of up to 5,000,000 common shares (the "Common Shares") of Newton at a price of $0.10 per Common Share for aggregate gross proceeds of up to $500,000 (the "Offering").
Newton may pay a commission or finder's fee to qualified non-related parties of up to 8% of the gross proceeds of the Offering and broker warrants (the "Broker Warrants") up to 10% of the number of Common Shares sold in the Offering. Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.10 per Broker Warrant for a period of 12 months from the date of issuance.
The proceeds of the Offering will be used for exploration and development activities and general working capital purposes. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. (the "TSXV"). The securities issued will be subject to a four month hold period from the date of the closing of the Offering.
Newton is an oil and gas company with exploratory targets on its East Midlands licenses in the United Kingdom. Newton maintains offices in Woking, England and Calgary, Alberta.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the closing of the private placement including the Company's ability to obtain necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, including 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 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.