NewNorth announces the sale of the Vista Village project
September 14 2011 - 12:30PM
PR Newswire (Canada)
CALGARY, Sept. 14, 2011 /CNW/ -- CALGARY, Sept. 14, 2011 /CNW/ -
NewNorth Projects Ltd. ("NewNorth") (TSXV:NNP) today announced that
the thirty-one remaining units of the Vista Village project in Red
Deer, AB have been sold. The 31 units were purchased by a
number of buyers. The gross proceeds from the sale were
approximately $4,578,000 with approximately $706,000 of the
proceeds coming from the redemption of outstanding debenture
payable. The debentures were subsequently cancelled. The
proceeds from the sale will be used to pay down NewNorth's
outstanding debenture which is due in May, 2012. NewNorth is an
integrated land and building development Corporation operating in
Alberta, the Northwest Territories and Nunavut. 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. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/14/c3303.html
p iMr. Greg N. Herndier, Chief Executive Officer or Mrs. Shannon
Cook, Controller at (403) 531-0280/i /p
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