CALGARY, Feb. 1, 2012 /CNW/ - NewNorth Projects Ltd. ("NewNorth") (TSXV:NNP) announces that it has completed an amalgamation with its wholly-owned subsidiary, Ninety North Construction & Development Ltd (the "Subsidiary"). Pursuant to the amalgamation, all of the issued and outstanding securities of the Subsidiary have been cancelled and the assets, obligations and liabilities of the Subsidiary have been assumed by NewNorth. No securities of NewNorth have been issued in connection with the amalgamation and the share capital of NewNorth remains the same.
The amalgamation of NewNorth and the Subsidiary was undertaken in order to simplify the corporate structure of NewNorth and to reduce accounting and other administrative costs. The amalgamation will not have any significant effect on the business and operations of NewNorth.
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.
For further information:
Mr. Greg N. Herndier, Chief Executive Officer or Mrs. Shannon Cook, Controller at (403)531-0280