NewNorth Projects Ltd. Announces Redemption of Debentures

    




 CALGARY, Dec. 15, 2011 /CNW/ - NewNorth Projects Ltd. ("NewNorth" or the  "Corporation") , today announces its intention to  redeem all of its outstanding 10% unsecured redeemable subordinated  debentures trading on the TSX Venture Exchange ("TSXV") under the  symbol NNP.DB (the "Debentures").  The transaction is to be completed  on January 19, 2012.  Formal notice will be delivered to the debenture  holders in accordance with the underlying indenture (the "Indenture").   The aggregate principal amount of Debentures outstanding is  approximately $4.75 million. 

 The redemption price, plus accrued and unpaid interest, for each  Debenture will be paid to the debenture holder upon presentation and  surrender of the certificate representing the Debenture in accordance  with the terms of the Indenture.  All interest on the Debentures shall  cease after January 19, 2012. The Debentures will subsequently be  delisted from the TSXV. 

 NewNorth is an integrated land and building development corporation  operating in Alberta, the Northwest Territories and Nunavut.   

 Cautionary Note Regarding Forward-Looking Statements  

 Except for the statements of historical fact contained herein, certain  information presented herein constitutes "forward-looking statements".  More particularly, this press release contains statements concerning  the notice to debenture holders and the timing of redemption. The  forward-looking statements contained in this document are solely  opinions and forecasts which are uncertain and subject to risks.  Forward-looking statements include but are not limited to uncertainties  and other factors which may cause the actual results, performance or  achievements of the Corporation to be materially different from any  future results, performance or achievements expressed or implied by  such forward-looking statements. These forward-looking statements are  not guarantees of future performance and are subject to a number of  known and unknown risks and uncertainties. Accordingly, readers are  cautioned that the assumption used in the preparation of the  forward-looking statements, although considered reasonable at the time  of preparation may prove to be imprecise and, as such undue reliance  should not be placed on forward-looking statements. 

 The forward-looking statements contained in this press release are made  as of the date of this press release. Except as required by law, the  Corporation disclaim any intention and assume no obligation to update  or revise any forward-looking statements, whether as a result of new  information, future events or otherwise, except as required by  applicable securities law. Additionally, the Corporation undertakes no  obligation to comment on the expectations of, or statements made, by  third parties in respect of the matters discussed above. 

 Neither the TSXV nor its Regulation Services Provider (as that term is  defined in the policies of the TSXV) accepts responsibility for the  adequacy or accuracy of this release.  

NewNorth Projects Ltd.


CONTACT:  please contact Mr. Greg N. Herndier, Chief Executive Officer orMrs.Shannon Cook, Controller at [phone]. 


    

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