NFND Newfound

RNS Number:1345J
Newfound N.V.
04 December 2007

                                 Newfound N.V.


                                Result of EGM

                               Fundraising Update


Newfound N.V. ("Newfound" or the "Company") announces that all of the
resolutions set out in the notice of extraordinary general meeting ("EGM")
included in the Circular relating to the Subscription and Interim Loans dated 13
November 2007 (the "Circular") were duly passed at the Company's EGM held today
at 12.00 noon (Central European Time).


The #7 million subscription by Jeremy White and John Morgan, who are both
Directors of the Company, announced on 13 November 2007 was conditional upon,
inter alia, the passing of the resolutions at the EGM.  Admission and dealings
in the Subscription Shares are expected to commence on AIM at 8.00 a.m. on 5
December 2007.


The Subscription Proceeds are required to secure the Company's financing
requirements for the near term in order to fund the Group's revised business
plan and to meet its obligations.


In addition to the Subscription, as stated in the Circular, the Company is
pursuing further equity fundraising on an ongoing basis.  Accordingly, the
Company has received Shareholder approval at the EGM for the issue of up to a
further 50,000,000 Ordinary Shares in addition to the Subscription Shares in
order to permit such further equity fundraising if and when required.  Pursuant
to this authority, the Company announces that it is currently seeking to raise
limited further funds by way of a placing to institutional and other investors.
Further details are expected to be announced imminently.


As stated in the Circular, in the near term, there are a number of opportunities
for the generation of additional capital through the operations of the business.
In particular, the proposed transaction to sell land at Nevis for the
development of a 5 star hotel continues to progress and there are bulk land sale
opportunities at both Nevis and Humber Valley that could realise significant
cash for the Group.  In addition, the Board will also continue to pursue debt
financing for ongoing resort development supported by the assets of the Group.
Should these transactions materialise they would provide the Group with a
platform from which to continue to develop the resorts at Humber Valley and
Nevis.  The Company's success in completing some or all of these transactions
will, however, inevitably be critical for the prospects of the Group over the
longer term.


Enquiries:

Newfound N.V.
John Theophilus, Chief Executive Officer           +44 (0) 20 7470 2487


Collins Stewart
Adrian Hadden                                      +44(0) 20 7523 8350




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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