TORONTO, Nov. 23 /CNW/ - Nova Growth Corp. (the "Company") trading on CNQ (www.cnq.ca) under the symbol "NOVA" understands that certain shareholders of the Company have a lock up agreement with 2155300 Ontario Inc. (the "Offeror") in respect of (i) common shares representing approximately 76% of the issued and outstanding common shares of the Company, and (ii) warrants representing all of the outstanding warrants of the Company.
The Company further understands that the Offeror proposes to purchase all of the common shares and warrants of the Company at a price of $0.50 per common share and $0.05 per warrant subject to certain conditions, and that the Offeror intends to mail the take-over bid circular for its offer in December, but not later than within the next 60 days.
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".