News this morning
Newcastle Minerals closes 10-million-unit financing
2012-03-05 08:33 ET - News Release
Mr. Michael Romanik reports
NEWCASTLE COMPLETES PRIVATE PLACEMENT WITH TRELAWNEY MINING AND EXPLORATION
Newcastle Minerals Ltd. has closed its previously announced non-brokered private placement of 10 million units at a price of five cents per unit with Trelawney Mining and Exploration Inc.
Newcastle's president, Michael Romanik, said: "We welcome Trelawney Mining and Exploration Inc. as a strategic Newcastle shareholder. We expect to develop a productive, long-term relationship with Trelawney, including the sharing of insights with respect to Newcastle's Swayze belt claims, to help us realize the full potential of our projects."
Each unit consists of one common share and one-half of one warrant. Each full warrant, in turn, entitles the holder to purchase an additional common share at a price of 10 cents until March 5, 2013. The units are subject to a hold period expiring July 6, 2012.
Newcastle's 100-per-cent-owned Swayze belt claims cover an area of 17,000 acres in three separate claim blocks that are either surrounded by or adjoin Trelawney Mining. A spring exploration program is currently being planned that will include geophysical surveys and diamond drilling to follow up on encouraging results from earlier prospecting and sampling that was completed this past November.