New Global Ventures International Ltd.
TSX VENTURE : NNG

New Global Ventures International Ltd.

March 18, 2010 09:00 ET

New Global Closes Private Placement in Escrow

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2010) - New Global Ventures International Ltd. (the "Company") (TSX VENTURE:NNG) is pleased to announce that it has closed the first tranche of its previously announced private placement of units. An aggregate of 6,775,000 units was issued for gross proceeds of $1,016,250. Each unit comprises of one common share and one-half of one common share purchase warrant of the Company, and each whole warrant is exercisable at $0.33 per common share for two years. Asty Capital AG was granted 250,000 finder's warrants in connection with the closing, exercisable at $0.20 per common share for one year.

All proceeds are held in escrow pending final approval by the TSX Venture Exchange of the Company's transaction with South American Exploration & Finance, S.A.S., at which time the Company expects to close the remaining portion of the private placement. Pursuant to the transaction, the Company will acquire a 100% interest in a 141 hectare mining concession located in the municipality of Cucutilla, Norte de Santander, Colombia.

"We were extremely pleased with the level of investor interest on this private placement," said Mr. Mark Lawson, New Global Ventures International Ltd. President and CEO. "We want to dually thank our existing, and new shareholders for their support."

ON BEHALF OF THE BOARD

Mark Lawson, President & CEO

The TSX Venture Exchange has neither approved nor disapproved the contents of this press 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