CALGARY, Jan. 20, 2012 /CNW/ - NewNorth Projects Ltd. ("NewNorth") (TSXV: NNP) today announced that it has sold the final phase of the Sheep River Cove project in Okotoks, Alberta. NewNorth also announces the sale of its interest in the partnership, DCC-NNP LP ("DCC"), that NewNorth formed with the Deton'Cho Corporation (Deton'Cho).
The Sheep River project is a residential housing project in Okotoks, AB that NewNorth has been developing since 1993. The final phase, Sheep River Cove, Phase 4, has been sold to a local homebuilder in Okotoks. The gross proceeds from the sale were approximately $2,800,000. NewNorth has received the entire proceeds from the sale.
NewNorth has also sold its interest in DCC. In 2009, NewNorth entered into a partnership with the Deton'Cho Corporation which is the economic business arm of the Yellowknives Dene First Nation. DCC was set up to develop land on Twin Pine Hill in Yellowknife, NWT. The gross proceeds from the sale of NewNorth's interest in the partnership are $910,000. The transaction will close on June 1, 2012.
The proceeds from both sales will be used to pay down NewNorth's outstanding debenture which is due in May, 2012 and were paid out on January 19, 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.
please contact Mr. Greg N. Herndier, Chief Executive Officer or Mrs. Shannon Cook, Controller at (403)531-0280.