SEDAR Posting/Private PlacementPosted yesterday on Sedar.com:
NEWS RELEASE
June 26, 2007 Trading Symbol: NWX (TSX-V)
NEWPORT TO RAISE $3,500,000 FOR MULGA TANK
Newport Exploration Ltd. (the “Company”) is pleased to announce that it has engaged PowerOne Capital Markets Limited (“Power One”) to act as its agent in connection with a brokered private placement for gross proceeds of up to $3,500,000 (the “Private Placement”). The Private Placement will consist of up to 10,000,000 units of the Company (the “Units”) at a price of $0.35 per unit. Each unit will consist of one common share of the Company (the “Shares”) and one share purchase warrant (the “Warrants”) with each Warrant entitling the holder to acquire a further common share of the Company at a price of $0.50 per share for a term of 2 years.
The Company has also granted the agent an overallotment option, exercisable by notice at least 2 days prior to closing of the Private Placement, to increase the Private Placement by up to 15% or 1,500,000 Units.
Under terms of the engagement PowerOne will receive a commission equal to 6.5% of the gross proceeds from the sale of Units, payable in cash or Units at PowerOne’s election. PowerOne will also be entitled to receive agent’s warrants entitling them to acquire up to 6.5% of the number of Units sold in the Private Placement at a price of $0.35 per Unit.
In accordance with applicable securities laws the Shares and the Warrants will be subject to a four month hold period from the date of the closing of the Private Placement.
Proceeds from the Private Placement will be used for further exploration of the Company’s Mulga Tank nickel-uranium prospects in Western Australia and for general working capital.
For further information contact:
Barbara Dunfield 604-685-6851
info@newport-exploration.com