VICTORIA, BRITISH COLUMBIA — (Marketwire) — 07/20/11 — Newcastle Minerals Ltd. (TSX VENTURE: NCM) is pleased to announce that it has negotiated, subject to regulatory acceptance, a non-brokered private placement of up to 7,100,000 flow-through shares at a price of $0.06 per share and 4,600,000 non-flow-through units at a price of $0.06 per unit to qualified investors.
Each non-flow-through unit consists of one common share and one warrant. Each full warrant, in turn, entitles the holder to purchase an additional common share at a price of $0.10 for a period of two years from the closing of the offering.
The proceeds from the private placement will be used for exploration of the Company-s Chester Project and other properties in northwestern Ontario, and general working capital.
Newcastle will pay a cash finder-s fee of up to 8% of the subscription proceeds in respect of the offering.
Newcastle Minerals Ltd. is a Canadian gold and base metal exploration company trading on the TSX Venture Exchange (TSX VENTURE: NCM). The company is advancing its three key properties: its 120-hectare Carscallen Property in the West Timmins area of Ontario, its 11,100-hectare Pickle Lake Property in northwestern Ontario and its 6,600-hectare property located in the Swayze greenstone belt of Ontario near Trelawney Mining and Exploration Inc.-s Chester Project.
ON BEHALF OF THE BOARD
Michael Romanik, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Newcastle Minerals Ltd. Michael Romanik President (204) 724-0613
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