By Laura Lutz
Des Moines, Sept. 12 - Newfoundland Goldbar Resources Inc. intends to raise up to C$1 million in a private placement of units.
The company plans to sell up to 20 million units of one share and one warrant at C$0.05 per unit. Each warrant will be exercisable at C$0.10 for one year.
Some insiders of Newfoundland Goldbar will sell their shares of the company and use the proceeds to buy units in the placement.
The deal will be non-brokered.
The company will use the proceeds to satisfy debt, to pursue business opportunities and for general working capital.
Newfoundland Goldbar is a mining company based in St. Johns, Newfoundland.
| Issuer: | Newfoundland Goldbar Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 12
|
| Stock symbol: | NEX Board: NGB-H
|
| Stock price: | C$0.05 at close Sept. 6 (last trade)
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