New Global Ventures International Ltd.
TSX VENTURE : NNG

New Global Ventures International Ltd.

April 20, 2010 09:01 ET

Retransmission: New Global Receives Exchange Approval on Property Transaction and Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2010) - Further to its press releases of January 28, 2010 and March 3, 2010, New Global Ventures International Ltd. (TSX VENTURE:NNG) (the "Company") announces that it has received TSX Venture Exchange acceptance of the asset purchase agreement (the "Agreement") dated March 24, 2010 between the Company and South America Exploration & Finance, SAS and Mundipartes, SAS (the "Vendors") covering the acquisition by the Company of a 100% interest in a 141 hectare mining concession located within the municipality of Cucutilla, Norte de Santander, Columbia (the "Property").

Terms of the Agreement call for New Global to pay the vendors a total of $600,000 and issue six million shares. The Company will also pay a finder's fee in the form of 700,000 shares to Bear Trade Corporation of Toronto, Ontario pursuant to Exchange acceptance of the acquisition.

In conjunction with the acquisition, the Company has also received final acceptance of its part and parcel private placement. In addition to 6,775,000 Units issued in escrow (see press release of March 18, 2010) for gross proceeds of $1,016,250, the Company has closed on the balance of the private placement, issuing 3,225,000 Units (the "Units") at a price of $0.15 per Unit for gross proceeds of $483,750. Each Unit consists 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.

An aggregate of $118,650 and 250,000 warrants have been paid to various finders for the portion of the private placement attributable to their efforts. The finders' warrants are exercisable at a price of $0.20 per share for a period of one year.

All securities issued as of the closing date of April 19, 2010 will have a four-month hold period expiring on August 20, 2010. Securities that were issued in March 2010 and held in escrow are restricted until July 18, 2010.

ON BEHALF OF THE BOARD
(sgd.) "Mark Lawson", President & CEO

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.

Contact Information

  • New Global Ventures International Ltd.
    Jeremy Ross
    Corporate Development
    604-893-8838
    or
    New Global Ventures International Ltd.
    Tyler Ross
    Corporate Development
    604-893-8838
    604-662-3904 (FAX)
    or
    New Global Ventures International Ltd.
    Mark Lawson
    President & CEO
    416-623-0565