TORONTO, ONTARIO, Aug 27, 2010 -- New Sage Energy Corp (CA:NSG) ("New Sage" or the "Corporation") announces that it has completed the second closing of its previously announced private placement involving the issuance of 400,000 units at a price of $0.05 per unit for gross proceeds of $20,000 (the "Private Placement"). The Corporation raised total gross proceeds of $125,000 pursuant to the Private Placement.
Each unit (the "Unit") consisted of one common share in the capital of the Corporation (the "Common Shares") and one-half of one warrant (the "Warrant"), with each whole Warrant entitling the holder thereof to purchase one Common Share at a price of $0.10 per share for a period of 18 months from the date of closing.
Finder's fees of a total of $5,600 and 112,000 Broker Options were paid to non-related parties. The Broker Options entitle the holder to one Unit at an exercise price of $0.05 per Broker Option. The Broker Options expire 18 months from the date of issuance.
There will not be any further closings. The Corporation intends to use the proceeds from the Private Placement for new projects, acquisitions and development, as well as for general working capital and the payment of expenses related to the Private Placement.
The Common Shares and Warrants underlying the Units issued pursuant to the second closing of the Private Placement are subject to a hold period until December 26, 2010 in accordance with applicable securities law.
About New Sage
New Sage is a Canadian oil and gas exploration and development company with a focus on opportunities in the US Gulf States region and Latin America. New Sage is building a portfolio of production, through exploration and development opportunities, with established joint venture partners.
Forward-Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by New Sage. The forward-looking statements or information contained in this news release are made as of the date hereof and New Sage does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The securities of New Sage being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
New Sage Energy Corp.
Eric Fredrickson
416.309.4320
info@newsage.ca
www.newsage.ca
