CALGARY, March 4, 2013 /CNW/ - NewNorth Projects Ltd. ("NewNorth" or the
"Corporation") (TSX VENTURE: NNP) is pleased to announce that it has
entered into a purchase and sale agreement (the "Agreement") with an
arm's length party for the sale of its interest in the Kinniburgh South
Limited Partnership which holds development property near Chestermere,
Alberta, for gross proceeds of $3.5 million.
The Agreement is subject to various conditions including but not limited
to receiving the approval of the Corporation's shareholders
("Shareholders") and the TSX Venture Exchange ("TSXV"), if required
pursuant to applicable laws.
NewNorth is an integrated land and building development corporation
operating in the province of Alberta.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, certain
information presented herein constitutes "forward-looking statements".
More particularly, this press release contains statements concerning
the sale of the interest in the Kinniburgh South Limited Partnership
and the conditions surrounding such sale. The forward-looking
statements contained in this document are solely opinions and forecasts
which are uncertain and subject to risks. Forward-looking statements
include but are not limited to uncertainties and other factors which
may cause the actual results, performance or achievements of the
Corporation to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These forward-looking statements are not
guarantees of future performance and are subject to a number of known
and unknown risks and uncertainties. Accordingly, readers are cautioned
that the assumption used in the preparation of the forward-looking
statements, although considered reasonable at the time of preparation
may prove to be imprecise and, as such undue reliance should not be
placed on forward-looking statements.
The forward-looking statements contained in this press release are made
as of the date of this press release. Except as required by law, the
Corporation disclaims any intention and assumes no obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable securities law. Additionally, the Corporation undertakes no
obligation to comment on the expectations of, or statements made, by
third parties in respect of the matters discussed above.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE: NewNorth Projects Ltd.
For further information:
Mr. Greg N. Herndier, Chief Executive Officer or Mrs. Shannon Cook, Controller at (403)531-0280