CALGARY, ALBERTA--(Marketwired - Nov. 3, 2014) - This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
On October 30, 2014, Mr. Dale Burstall, of Calgary, Alberta, a director of Newton Energy Corporation ("Newton"), indirectly, through Lost In Space, Inc. ("LIS"), a company wholly owned by Mr. Burstall, acquired 200 units of Newton ("Units") at a subscription price of $100 per Unit. Each Unit is comprised of $100 principal amount of convertible, unsecured debentures of Newton (the "Debentures") and 2,000 common share purchase warrants of Newton (the "$0.05 Warrants"). The Debentures are convertible into Common Shares at a price of $0.05 per share for a period of three years from the date of issuance. The $0.05 Warrants are exercisable at a price of $0.05 per share for a period of three years from the date of issuance.
As at the date hereof, Mr. Burstall beneficially owns, controls of has direction over, directly and indirectly, 1,709,000 Common Shares representing 6.0% of the issued and outstanding Common Shares, $20,000 principal amount of Debentures, 400,000 $0.05 Warrants and 700,000 share purchase warrants ("$0.10 Warrants") acquired pursuant to a private placement of Newton that closed on September 30, 2013. If Mr. Burstall converted his Debentures and exercised all of his $0.05 Warrants and $0.10 Warrants, he would, directly and indirectly, own an aggregate of 3,209,000 Common Shares, which represents approximately 11.2% of the outstanding Common Shares (assuming the exercise of Mr. Burstall's Debentures, $0.05 Warrants and $0.10 Warrants).
Mr. Burstall owns all of the securities of Newton held by LIS and is considered to be a joint actor with LIS.
The Units were issued from treasury at a price of $100 per unit pursuant to a private placement for total consideration of $20,000.
Mr. Burstall acquired the Units for investment purposes and intends to evaluate his holdings and to increase or decrease his investment in Newton depending on market conditions as circumstances warrant.
A report respecting this acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing on Newton's profile at www.sedar.com.
Neither the TSX Venture Exchange, nor its Regulatory 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:
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