TORONTO, Nov. 12 /CNW/ - Nova Growth Corp. (the "Company") trading on CNQ (www.cnq.ca) under the symbol "NOVA" is pleased to announce the closing today of the private placement announced by the Company on October 30, 2007. Under the terms of this private placement, the Company issued 1,631,730 common shares at a price of $0.50 per common share, for gross proceeds of $815,565. The proceeds of the private placement were used to cancel debt owed by the Company to the subscribers in the aggregate amount $815,565.
The common shares issued in connection with the private placement are restricted from resale until March 13, 2008.
After giving effect to the private placement, the Company has, issued and outstanding: (i) 7,049,747 common shares, (ii) 270,000 stock options to purchase common shares at $1.50 per share expiring March 31, 2008, and (iii) 862,000 warrants to purchase common shares at $0.50 per share expiring February 28, 2010. As such, the fully diluted share capital position of the Company is 8,181,747.
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".