New Sage Energy Corp.
TSX VENTURE : NSG

New Sage Energy Corp.

August 29, 2007 17:00 ET

New Sage Energy Corp. Completes Second Tranche of Private Placement

TORONTO, ONTARIO--(Marketwire - Aug. 29, 2007) -

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

New Sage Energy Corp. (TSX VENTURE:NSG) has closed the second tranche of its previously announced private placement through the issuance of 455,000 units priced at $0.40 per unit for total proceeds of $182,000. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.50 until August 28, 2007. Each of the common shares and warrants are subject to a hold period that will expire on December 30, 2007. 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 plans on completing a third and final tranche over the next few weeks. The remaining portion consists of the offering of units priced at $0.40, with each unit comprised of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at $0.50 for a period of two years from closing.

The Company is pleased to announce the appointment of Michael Farrant as Chief Financial Officer. Mr. Farrant has more than a decade of financial management experience in the resource sector. He currently serves as the CFO of Castle Gold Corporation and as the CFO of Explorator Resources Inc. His other mining experience includes Vice President and Treasurer of Kinross Gold Corporation, Corporate Controller of Barrick Gold Corporation and consultant to Centerra Gold Inc.

In addition, the Company has entered into discussions with a private Canadian oil and gas company focused on exploiting oil and gas business opportunities in South America. Further details of the joint venture will be announced when they are finalized.

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