Newton Energy Corporation Announces Proposed Private Placement and Consolidation
September 14 2017 - 6:11PM
Newton Energy Corporation ("
Newton" or the
"
Corporation") (NEX:NTN.H) announces that it plans
to complete a non-brokered private placement consisting 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
"
Offering").
In connection with the Offering and subject to
regulatory approval, the Corporation shall seek shareholder
approval for a consolidation of its Common Shares on a 20:1 basis
or such other amount as may be determined by the board of directors
of the Corporation (the "Consolidation"). The
Corporation intends to give effect to the Consolidation in as
expeditious manner as is possible after receiving the requisite
shareholder approval but not later than the earlier of the
Corporation's next annual and special meeting of shareholders and
six months from the completion of the Offering. This structure
allows the Corporation to complete the Offering prior to completion
of the Consolidation.
The gross proceeds of the Offering will be used
towards the payment of outstanding payables and for general working
capital. Completion of the Offering is subject to regulatory
approval including the approval of the NEX board of the TSX Venture
Exchange Inc. (the "NEX Board"). The Common Shares
issued will be subject to a four month hold period from the date of
the closing of the Offering.
FOR FURTHER INFORMATION PLEASE CONTACT:
Newton Energy CorporationMerv Chia, Chairman
& CEOSuite 1600, 333 - 7th Avenue S.W.Calgary, Alberta T2P
2Z1Phone: 403-617-8779
The Corporation is a Canadian based company
exploring projects and ventures in clean energy, technology other
sectors and is traded on the NEX Board. The Corporation's
public filings may be found at www.sedar.com.
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
use of proceeds, the Consolidation and the Corporation's ability to
obtain necessary approvals from the NEX Board. 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 the Corporation's disclosure documents
on the SEDAR website at
www.sedar.com.
The Corporation does not undertake to
update any forward- looking information except in accordance with
applicable securities laws.
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