New Point Exploration Corp. (CSE: NP) (OTC: NPEZF) (FSE: 4NP) is pleased to announce it has closed a non-brokered private placement financing for aggregate gross proceeds of C$4,651,000.
The Company has issued 37,208,000 units at a price of C$0.125 per Unit. Each Unit is comprised of one common share and one-half of one transferable common share purchase warrant with each whole Warrant entitling the holder to purchase one additional common share of the Company at a price of C$0.13 for a period of up to six months from the date of issue, subject to accelerated expiry.
In the event that the closing price of the Company’s common shares is at or above $0.13 per share for five 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 14 days will expire.
The proceeds of the Placement will be used for general corporate purposes including G&A and exploration on the Company’s projects. All securities issued pursuant to the Placement will be free trading upon issuance pursuant to prospectus exemption 2.25 of NI 45-106.
Further, the Company announces the appointment of Mr. James Hyland to the Board of Directors.
Mr. Hyland brings more than 25 years of experience in the public markets as a financial and marketing consultant, a corporate founder and manager of numerous early stage public and private businesses. His industry expertise includes mining, publishing, financial services, oil & gas, hospitality, technology, alternative energy and healthcare appliances. He is currently a Director of Tasca Resources Corp. (TSX.V: TAC), Resolve Ventures Inc. (TSX.V: RSV) and BLOK Technologies Inc. (CSE: BLK). Mr. Hyland has an extensive network of contacts within the financial community including brokers, fund managers, industry analysts and media, throughout North America, the United Kingdom and continental Europe. He earned a Bachelor of Commerce in Entrepreneurial Management from Royal Roads University of Victoria, BC. Canada.
The Company has accepted the resignation of Norman Wareham as Chief Financial Officer and a Director of the Company as well as Eric Saderholm as a Director of the Company. The Company wishes to thank Mr. Wareham and Mr. Saderholm for their contributions to the Company and wishes them all the best in their future endeavours.
About New Point Exploration Corp.
New Point is engaged in the business of acquiring, exploring and developing mineral properties related to the growing battery industry. Focused on high grade, prospective properties in North America, New Point is building a portfolio that includes lithium, cobalt and copper projects in prospective, mining-friendly jurisdictions. New Point, A Next Generation Metals Company.
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