Navy Resources Corp. (TSX-V: NVY) (the “Company”) is pleased to announce a non-brokered private placement (the "Offering") for up to $500,000. Pursuant to the Offering, if fully subscribed to, the Company will issue 5,000,000 common shares at a price of $0.10 per common share, for gross proceeds of $500,000. The proceeds of the private placement are for the Company's general working capital.
In addition, the Company announces that it has received acceptances from certain creditors and proposes to issue up to 1,524,800 common shares at a price of $0.10 per share to retire promissory notes and interest owing on promissory notes with an aggregate value of $152,480. This settlement will allow the Company to preserve its cash for general corporate purposes and to fund the investigation of other potential acquisitions. The debt settlement is subject to compliance with applicable securities laws, subject to receipt of regulatory approval and will not result in any new control persons.
On behalf of the Board of Directors,
CFO and Director
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