Mr. Steve Engwall reports
NEWTON ENERGY CORPORATION ANNOUNCES INITIAL CLOSING OF PRIVATE PLACEMENT
Newton Energy Corp. has completed the initial closing of a non-brokered private placement for 3.17 million common shares of Newton at a price of 10 cents per common share for total gross proceeds of $317,000. The maximum offering was for $500,000, and the company anticipates completing additional closings in the future up to the maximum offering.
Newton paid a cash commission of $24,360 and issued 304,500 broker warrants. Each broker warrant will entitle the holder to acquire one common share at a price of 10 cents 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 securities issued are subject to a four-month hold period from the date of the closing of the offering.
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