New Point Exploration Closes Financing
VANCOUVER—February 14, 2019— New Point Exploration Corp. (CSE: NP / OTC: NPEZF / FSE: 4NP) (“New Point” or the “Company”) announces that it has closed a non-brokered private placement offering, as previously announced on January 18, 2019 (the “Private Placement”) for total gross proceeds of $550,000.
The Company has allotted and issued 11,000,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit is comprised of one common share and one transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the Company for a period of up to 12 months at a price of $0.25, subject to accelerated expiry.
If at any time after four (4) months and one (1) day following the closing, the closing price of the Company’s common shares is at or above $0.50 per share for ten consecutive days, the Company may provide notice to the warrant holders that the expiry date of the warrants has been accelerated and that warrants not exercised within 30 days will expire.
The Company will use the proceeds from the Private Placement towards further exploring its Majuba Hill Copper Project in Nevada, USA, and general working capital purposes. All securities issued pursuant to the Private Placement will be subject to a hold period expiring June 15, 2019.
About New Point Exploration Corp.
New Point (CSE: NP / OTC: NPEZF / FSE: 4NP) is engaged in the identification, review and acquisition of latter stage Copper and Copper/Gold assets. Management has been mandated to focus on safe, mining friendly jurisdictions and government regulations supportive of mining operations.
On Behalf of the Board of New Point Exploration Corp.
Chief Executive Officer
For further information, please contact:
310-221 West Esplanade North Vancouver, BC V7M 3J3
E: [email protected]
P: (604) 318-0114
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties, which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.