Vancouver B.C. / March 7, 2014 / New World Resource Corp. (the "Company") announces the closing of its previously announced non-brokered private placement by issuing 3,807,812 units (the "Units") at a price of $0.08 for gross proceeds of $304,624.96
Each Unit consists of one common share and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one additional common share at a price of $0.20 until March 7, 2015.
In connection with the private placement, the Company paid finders' fees of $11,200, issued 18,750 finders' Units, with the same terms and conditions as the Units issued under the private placement, and issued 212,000 non-transferable share purchase warrants ("Finders' Warrants") to Haywood Securities Inc., Mackie Research Capital Corp, Canaccord Genuity Corp. and Raymond James Ltd. Each Finders' Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 expiring on March 7, 2015.
The Units are subject to a 4-month hold period expiring July 8, 2014. The Company intends to use the net proceeds of the private placement to finance expected expenditures on its properties and for general working capital.
New World Resource Corp. is a Canadian based exploration company focused on building a strong, diversified project portfolio within the Americas. The Company's projects include the Agua Grande gold-copper project in Chile and the Lipena/Bonete copper-gold project in Bolivia.
NEW WORLD RESOURCE CORP.
John Lando, President
For information with respect to the Company or the contents of this news release, please contact John Lando at (604) 669-2701 or toll free at 1-800-663-0510, email at firstname.lastname@example.org, or visit the web site at www.newworldresource.com.
This news release includes "forward-looking information", as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, statements regarding the proposed use of proceeds of this financing. This forward-looking information is given as of the date of this news release. Users of forward-looking information are cautioned that actual results may vary from the forward-looking information contained herein. While the Company has based this forward-looking information on its expectations about future events as at the date that such information was prepared, the information is not a guarantee of the Company's future performance and is subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Such factors and assumptions include, amongst others, the use of proceeds from the Offering, the effects of general economic conditions, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking information. In addition, there are also known and unknown risk factors which could cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Known risk factors include, among others, risks relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Bolivia; potential defects in title to the properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company is under no obligation to update or alter any forward-looking information except as required under applicable securities laws.
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Release ID: 35360