CALGARY, ALBERTA--(Marketwired - Oct. 1, 2013) - Newton Energy Corporation (the "Company" or "Newton") (TSX VENTURE:NTN) announces that it has issued 10,039,668 Units in a non-brokered private placement (the "Offering") for aggregate gross proceeds of $150,595. Each Unit is comprised of one common share ("Common Share") and one-half of one share purchase warrant ("Warrant") of the Company. Each whole Warrant entitles the holder thereof to acquire an additional Common Share at a price of $0.05 per Common Share for the first twelve months following the closing of the Offering and at a price of $0.10 per Common Share for the subsequent four year period. The Warrants expire five years from the date of issuance.
Newton paid a cash commission of $1,573.80. The board of directors of the Company has approved the Offering.
Other than $50,000 of the proceeds to be used for general working capital purposes, the remaining proceeds of the Offering will be used as follows:
|Use of Proceeds
|Mineral Lease Obligations
|Stock Transfer Services
|Financial Consulting Fees
|Reservoir Engineer Fees
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The securities issued are subject to a four month hold period from the date of the closing of the Offering.
Newton is in discussions with several potential partners to facilitate field appraisal and development of the Belvoir Prospect.
Newton holds UK East Midlands assets and is an emerging exploration and production company.
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.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to receipt of regulatory approval of the Offering. 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 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.