CALGARY, Sept. 14, 2011 /CNW/ - NewNorth Projects Ltd. ("NewNorth")
(TSXV:NNP) today announced that the thirty-one remaining units of the
Vista Village project in Red Deer, AB have been sold. The 31 units
were purchased by a number of buyers.
The gross proceeds from the sale were approximately $4,578,000 with
approximately $706,000 of the proceeds coming from the redemption of
outstanding debenture payable. The debentures were subsequently
The proceeds from the sale will be used to pay down NewNorth's
outstanding debenture which is due in May, 2012.
NewNorth is an integrated land and building development Corporation
operating in Alberta, the Northwest Territories and Nunavut.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
The contents of this release have not been approved or disapproved by
any securities authority or stock exchanges.
SOURCE NewNorth Projects Ltd.
For further information:
Mr. Greg N. Herndier, Chief Executive Officer or Mrs. Shannon Cook, Controller at (403) 531-0280