TORONTO, April 3 /CNW/ - Nova Growth Corp. (the "Company") trading on CNQ (www.cnq.ca) under the symbol "NOVA" announces the following.
The Company announces that 6,505,253 common shares of the Company (the "Common Shares") representing approximately 92.3% of the issued and outstanding shares of the Company, and 862,000 warrants (the "Warrants") representing 100% of the outstanding warrants of the Company were taken up by 2155300 Ontario Inc. on April 2, 2008 for cash consideration of $0.50 per Common Share and $0.05 per Warrant, further to the take-over bid announced on November 23, 2007.
The Company understands that 2155300 Ontario Inc. intends to acquire the balance of the Common Shares pursuant to the compulsory acquisition provisions of the Business Corporations Act (Ontario).
Nova Growth Corp. is an Ontario public company. Since March 13, 1998 the Company has been pursuing its claim to an ownership interest in the Niagara Falls Casino Gateway Project located in Niagara Falls, Ontario. This project was awarded to a consortium on February 18, 1998. The claim, Court File No. 98-CV-143556 is against Falls Entertainment and against former management of the Company, Andrzej Kepinski, Richard Boxer, and their holding companies. In addition, the Company is pursuing two other actions in the Courts of Ontario against Shiplake Casino Corp. and Park Gaming L.P., Court File No. 00-CV-197099 and Coopers & Lybrand, et al, Court File No. 98-CV-149051.
To review Nova Growth's public documents please visit www.sedar.com and search Nova Growth Corp. For trading and other corporate information visit www.cnq.ca under the trading symbol "NOVA".