Newfoundland Goldbar Announces Intention to Obtain Partial Revocation Orders and Complete Private Placement

Toronto, Ontario--(Newsfile Corp. - August 30, 2021) - Newfoundland Goldbar Resources Inc. ("Newfoundland Goldbar" or the "Company") is pleased to announce it has applied to the British Columbia Securities Commission (the "BCSC") and Alberta Securities Commission (the "ASC") to partially revoke the cease trade orders (the "CTOs") issued against the Company by the BCSC and ASC on June 5, 2009 and September 3, 2009, respectively. The CTOs were issued due to the Company's failure to file the following continuous disclosure materials: (i) a comparative financial statement for its financial year ended December 31, 2008, as required under Part 4 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"), and (ii) a Form 51-102F1 Management's Discussion and Analysis for the period ended December 31, 2008, as required under Part 5 of NI 51-102.

If the BCSC and ASC partially revoke their respective CTOs, the Company intends to complete a non-brokered private placement for aggregate gross proceeds of up to $100,000 (the "Private Placement"), through the issuance of 200,000,000 common shares in the share capital of the Company (each, a "Common Share"), at a price of $0.0005 per Common Share.

ON BEHALF OF THE BOARD OF DIRECTORS

Binyomin Posen
Chief Executive Officer, Chief Financial Officer and Director
T: 416.481-2222
E: bposen@plazacapital.ca

CAUTIONARY STATEMENTS

This press release may contain forward-looking statements including, but not limited to, comments regarding the timing and terms of the Private Placement, and statements regarding the BCSC and ASC granting partial revocation orders to the Company. Forward-looking statements in this press release are based on certain assumptions, namely: the ability of the Company to continue as a going concern, the ability of the Company to complete the Private Placement, and the acceptance of the Company's application by the BCSC and ASC in respect of the partial revocation orders. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties, including, but not limited to: the inability of the Company to complete the Private Placement, and the potential refusal of the BCSC and ASC to grant partial revocation orders in respect of the CTOs. Actual results may differ materially from those currently anticipated in such statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94978