NNP New North Projects Ltd

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 (403)531-0280.

Copyright