Germany: WKN A0MNSR /
VANCOUVER, June 4 /CNW/ - Nass Valley Gateway Ltd. (the "Company or "NVG") wishes to announce that further to its news release on April 30, 2010, it has closed the private placement with a subscription of 3.4 million units for total proceeds amounting to $170,000. Merfin Management Limited, a private trust, which is one of the Company's controlling shareholders and of which Dieter Peter is president, subscribed for 3,015,000 units and since Mr. Peter is Chairman and CEO of the Company, his participation would be considered a "related party transaction" as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any units issued to or the consideration paid by such person will exceed 25% of the Company's market capitalization.
All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units are subject to a hold period and may not be traded in British Columbia until October 8, 2010 except as permitted by the applicable Securities Acts and the Rules made thereunder and the CNSX. There is no finder's fee payable in connection with this private placement.
The Company will apply the proceeds from the private placement towards new acquisitions and working capital to fund ongoing operations and preparations for the new technology.
ABOUT NASS VALLEY GATEWAY LTD.
Nass Valley Gateway is exploring industrial minerals and developing, marketing and establishing environmentally responsible Waste to Energy processes through its 100% owned subsidiary Greenville Environomic Energy Ltd. The Company and its subsidiary are devoted to building value for their shareholders and employees, contributing to the improvement of the communities in which they operate through employment creation, and implementing sustainable practices designed to preserve and enhance our environment.
The CNSX has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
SOURCE Nass Valley Gateway Ltd.
For further information: For further information: Mel Stevens, President, Telephone: (250) 621-3286; Or Dieter Peter, Chairman & CEO, Telephone: (604) 685-4170