Newmac Resources Inc. (“Newmac” or the “Company”) (TSX-V: NER) is pleased to announce that it has closed the private placement (the “Offering”) of 30 million units (the “Units”) previously announced on October 14, 2011.
On October 14, 2011, Newmac announced that it had agreed to raise $1.5-million by way of a non-brokered private placement by the issuance of 30,000,000 Units at 5 cents per Unit. Real Flourish Holdings Ltd., a British Virgin Islands company, purchased all the Units and has become a control person of the Company. Finders’ fees totaling $95,000 were paid to two finders.
Each Unit consists of one common share and one transferable share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one additional common share at a price of $0.10 per share at any time for four years until the close of business on January 3, 2016.
In conjunction with the closing of the Offering, David Schmidt, David Hjerpe and Bill Morton resigned from the board of directors of Newmac and David Hjerpe resigned as CEO and Corporate Secretary of the Company and David Schmidt resigned as President and CFO of the Company.
Han Xin (Harrison) Wu, Jia Yi Wu and Ze Yong (Allan) Wu have been appointed to the board of directors of Newmac. Han Xin (Harrison) Wu has been appointed President and CEO, Ke Feng (Andrea) Yuan has been appointed CFO and Janet Horbulyk has been appointed Corporate Secretary of Newmac.
We seek Safe Harbor.
ON BEHALF OF THE BOARD
“Han Xin (Harrison) Wu”
Han Xin (Harrison) Wu
For further information, please contact:
Contact Name: Andrea Yuan
Telephone Number: (778) 889-4966
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