New Point Exploration Announces Private Placement and Effective Date of Consolidation

New Point Exploration Corp. (CSE:NP) (“New Point” or the “Company”) announces a post-consolidation non-brokered private placement of up to 11,000,000 units (the “Units”) at a price of $0.05 per Unit to raise gross proceeds of up to $550,000 (the “Placement”).

Each Unit will consist of one post-consolidated common share of the Company and one transferable warrant (each a “Warrant”). Each Warrant shall be exercisable to acquire one additional common share for a period of 12 months at an exercise price of $0.25, subject to acceleration.

In the event that the closing price of the Company’s common shares is at or above $0.50 per share for ten consecutive days, the Company may provide notice to the warrant holders that the expiry date of the warrants has been accelerated and that warrants not exercised within 30 days will expire.

All of the securities issued in connection with the Placement will be subject to a hold period expiring four months and one day after closing. Proceeds from the Placement are expected to be used for general working capital purposes. Finder’s fees may be paid in connection with the Placement.

Consolidation

The Placement shall follow the 10:1 consolidation announced on January 11, 2019. Effective at the opening on Tuesday, January 22, 2019, the shares of the Company will commence trading on the Canadian Securities Exchange on a consolidated basis. The name and symbol of the Company will remain the same.

Post-Consolidation Capitalization: Unlimited shares with no par value of which approximately 6,617,510 shares are issued and outstanding.
Transfer Agent: TSX Trust Company
Trading Symbol: NP
CUSIP Number: 648120202 (new)
Record Date: January 23, 2019

About New Point Exploration Corp.

New Point (CSE: NP / OTC: NPEZF / FSE: 4NP) is engaged in the business of acquiring, exploring and developing mineral properties related to the growing battery industry. Focused on high grade, prospective properties in North America, New Point is building a portfolio that includes lithium, cobalt and copper projects in prospective, mining-friendly jurisdictions. New Point, A Next Generation Metals Company.

On Behalf of the Board of New Point Exploration Corp.
“David Greenway”
Chief Financial Officer

Corporate Office
310-221 West Esplanade
North Vancouver, BC
V7M 3J3

For further information, please contact:
E: dg@newpointexploration.com
P: (604) 318-0114

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties, which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.

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Source: webfiles.thecse.com