NewNorth announces asset sales
January 18 2012 - 2:06AM
PR Newswire (Canada)
CALGARY, Jan. 20, 2012 /CNW/ - NewNorth Projects Ltd. ("NewNorth")
today announced that it has sold the final phase of the Sheep River
Cove project in Okotoks, Alberta. NewNorth also announces the
sale of its interest in the partnership, DCC-NNP LP ("DCC"), that
NewNorth formed with the Deton'Cho Corporation (Deton'Cho). The
Sheep River project is a residential housing project in Okotoks, AB
that NewNorth has been developing since 1993. The final
phase, Sheep River Cove, Phase 4, has been sold to a local
homebuilder in Okotoks. The gross proceeds from the sale were
approximately $2,800,000. NewNorth has received the entire
proceeds from the sale. NewNorth has also sold its interest in
DCC. In 2009, NewNorth entered into a partnership with the
Deton'Cho Corporation which is the economic business arm of the
Yellowknives Dene First Nation. DCC was set up to develop
land on Twin Pine Hill in Yellowknife, NWT. The gross
proceeds from the sale of NewNorth's interest in the partnership
are $910,000. The transaction will close on June 1, 2012. The
proceeds from both sales will be used to pay down NewNorth's
outstanding debenture which is due in May, 2012 and were paid out
on January 19, 2012. NewNorth is an integrated land and building
development Corporation operating in Alberta, the Northwest
Territories and Nunavut. 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. The contents of this
release have not been approved or disapproved by any securities
authority or stock exchanges. NewNorth Projects Ltd. CONTACT:
please contact Mr. Greg N. Herndier, Chief Executive Officer
orMrs.Shannon Cook, Controller at (403)531-0280.
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