NewNorth announces results for the three months ended March 31, 2013
May 24 2013 - 6:12PM
PR Newswire (Canada)
CALGARY,
May 24, 2013 /CNW/ - NewNorth
Projects Ltd. ("NewNorth") (TSXV: NNP) today announced its
financial results for the three months ended March 31, 2013.
Mr. Greg
Herndier, President and Chief Executive Officer of NewNorth,
reports net income after tax for the first quarter of 2013 is
$1,000.
After tax income per share, basic and diluted is
$nil.
Select information:
- NewNorth sold the land it owns near Cochrane, AB on March
1, 2013. The gross proceeds from the sale were
$2,000,000.
- NewNorth received $500,000 in
financing in July 2012 from one of
its independent directors. The interest rate on the loan is
10% per annum. As security for the loan, a mortgage was
registered against the title to NewNorth's property near
Cochrane, AB. The
loan was paid back to the director on March
1, 2013 with the proceeds received from the sale of the land
near Cochrane, AB. The
amount that was paid back to the director was $547,856.
- NewNorth received a short-term loan of $500,000 from an unrelated party in June 2012. The interest rate on the loan
was 10% per annum and the loan was secured by a promissory
note. The loan was from the same party who has entered into
an agreement with NewNorth to purchase its 50% interest in
Kinniburgh South Limited Partnership. The loan amount that
was repaid was $546,712 which
included accrued interest up to May 7,
2013.
- NewNorth's interest in the Kinniburgh South Limited Partnership
was sold on May 7, 2013. The
gross proceeds from the sale were $3,500,000.
NewNorth is an integrated land and building
development corporation operating in Alberta.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE NewNorth Projects Ltd.
Copyright 2013 Canada NewsWire
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