NewNorth Projects Ltd. Announces Redemption of Debentures
13 December 2011 - 7:27AM
PR Newswire (Canada)
CALGARY, Dec. 15, 2011 /CNW/ - NewNorth Projects Ltd. ("NewNorth"
or the "Corporation") , today announces its intention to redeem all
of its outstanding 10% unsecured redeemable subordinated debentures
trading on the TSX Venture Exchange ("TSXV") under the symbol
NNP.DB (the "Debentures"). The transaction is to be completed
on January 19, 2012. Formal notice will be delivered to the
debenture holders in accordance with the underlying indenture (the
"Indenture"). The aggregate principal amount of Debentures
outstanding is approximately $4.75 million. The redemption price,
plus accrued and unpaid interest, for each Debenture will be paid
to the debenture holder upon presentation and surrender of the
certificate representing the Debenture in accordance with the terms
of the Indenture. All interest on the Debentures shall cease
after January 19, 2012. The Debentures will subsequently be
delisted from the TSXV. NewNorth is an integrated land and building
development corporation operating in Alberta, the Northwest
Territories and Nunavut. Cautionary Note Regarding Forward-Looking
Statements Except for the statements of historical fact contained
herein, certain information presented herein constitutes
"forward-looking statements". More particularly, this press release
contains statements concerning the notice to debenture holders and
the timing of redemption. The forward-looking statements contained
in this document are solely opinions and forecasts which are
uncertain and subject to risks. Forward-looking statements include
but are not limited to uncertainties and other factors which may
cause the actual results, performance or achievements of the
Corporation to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These forward-looking statements are
not guarantees of future performance and are subject to a number of
known and unknown risks and uncertainties. Accordingly, readers are
cautioned that the assumption used in the preparation of the
forward-looking statements, although considered reasonable at the
time of preparation may prove to be imprecise and, as such undue
reliance should not be placed on forward-looking statements. The
forward-looking statements contained in this press release are made
as of the date of this press release. Except as required by law,
the Corporation disclaim any intention and assume no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities law. Additionally, the
Corporation undertakes no obligation to comment on the expectations
of, or statements made, by third parties in respect of the matters
discussed above. 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. 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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