New Sage Energy Corp.
TSX VENTURE : NSG

New Sage Energy Corp.

December 20, 2007 16:30 ET

New Sage Energy Corp. Closes Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 20, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

New Sage Energy Corp. (TSX VENTURE:NSG) has closed a private placement raising a total of $799,999.90 through the issuance of 2,285,714 units priced as $0.35 per unit. Each of the units consisted of one common share and one half of one common share purchase warrant. Each whole warrant entitled the holder to acquire one additional common share at a price of $0.50 for two years from the date of issuance. The common shares and warrants are subject to a hold period that will expire on April 20, 2008. The proceeds of the offering will be used for identifying, acquiring and developing new oil and gas properties and for general working capital purposes.

In addition, the Company has granted an officer of the Company 300,000 options to purchase common shares of the Company at an exercise price of $0.35 and valid for a period of five years from the date of issue, subject to regulatory approval.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • New Sage Energy Corp.
    John Carlesso
    President and CEO
    (416) 755-7555