Newlook Industries Corp.
CNSX : NLI

Newlook Industries Corp.

April 14, 2011 09:00 ET

Newlook Closes Private Placement

TORONTO, ONTARIO--(Marketwire - April 14, 2011) - Newlook Industries Corp. ("Newlook" or the "Company) (CNSX:NLI) is pleased to announce that is has closed a non-brokered private placement in its securities for total proceeds of approximately $1,572,500.

As reported in its initial CNSX listing documents, Newlook will issue a total of 20,966,667 common shares at a price of $0.075 per common share, with insiders of the Company purchasing a total of 9,833,334 common shares. No warrants will be issued. John Simmonds personally invested a total of $400,000 for a total of 5,333,333 shares, Simmonds' family invested $162,500 for 2,166,667 shares, Carrie Weiler invested $62,500 for 833,333 shares, Brian Usher-Jones invested $87,500 for 1,166,667 and Albert Pope invested $25,000 for 333,333 shares. No agency or finder's fee will be paid in connection to the private placement. The common shares comprising the private placement will carry a statutory four-month hold period.

"I am encouraged by the support of our investors," stated John Simmonds, CEO of Newlook. "The proceeds from this private placement will strengthen Newlook's balance sheet and provide the funds required to execute our corporate mandate this year."

The Company intends to direct a portion of the private placement proceeds to its subsidiary, Wireless Age Communications, Inc., to fund its settlement with the trustee of its former operating subsidiaries. The remaining funds are to be used for general working capital purposes.

Newlook Industries Corp., headquartered in King City, Ontario is a publicly-traded company listed on the Canadian National Stock Exchange (CNSX). For more information please refer to www.sedar.com. The management of the company, who take full responsibility for its content, prepared this press release. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release. This press release contains forward-looking statements relating to future events and results that are based on Newlook's current expectations. These statements involve risks and uncertainties including, without limitation, Newlook's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.

Contact Information

  • Newlook Industries Corp.
    Michael E. Duffy
    Chief Administrative Officer
    (905) 833-3072 x225