New Global Enters into Agreement for Gold Project in Colombia
New Global Ventures International Ltd.
January 28, 2010 Trading Symbol: NNG
New Global Enters into Agreement for Gold Project in Colombia
Vancouver, British Columbia. New Global Ventures International Ltd. (the “Company”) announces it has entered into a Binding Letter of Intent with South America Exploration & Finance, S.A.S., a private Colombian company, to acquire a 100-per-cent interest in a 141 hectare mining concession. This property is located within the municipality of Cucutilla, Norte de Santander, Colombia.
Terms of the agreement call for New Global to pay the vendor a total of $600,000 and six million shares, subject to completion of final due diligence, a technical report in compliance with National Instrument 43-101, and TSX Venture Exchange approval. In accordance with regulatory policies, the Company will pay a finder’s fee on the proposed acquisition.
In conjunction with the proposed acquisition, the Company announces a part and parcel private placement of up to 10,000,000 Units (the “Units”) at a price of $0.15 per Unit for gross proceeds of $1.5 million. Each Unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant shall be convertible into one common share at a price of $0.33 for a period of two years. The net proceeds of the private placement will be used primarily to complete the proposed acquisition, and to cover all related legal and professional expenses including the 43-101 report, and will be added to working capital. A finder’s fee may apply to certain portions of this private placement in accordance with the policies of the Exchange.
ON BEHALF OF THE BOARD
(sgd.) “Mark Lawson”, President & CEO
For further information please contact:
Jeremy Ross Tyler Ross Corporate Development T: 604-893-8838
Mark Lawson President & CEO T: 416-623-0565
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions, and has neither approved nor disapproved the contents of this press release.
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