VANCOUVER, Nov. 27 /CNW/ - Novawest Resources Inc.'s (TSXV - "NVE";
Frankfurt - "NWN") President Patrick D. O'Brien is pleased to announce that
Novawest's wholly-owned subsidiary, Pro Minerals Inc. ("Pro Minerals"), has
filed its final prospectus (the "Final Prospectus") on SEDAR. The Pro Minerals
Initial Public Offering (IPO) is now cleared in British Columbia, Alberta, and
The filing of the Final Prospectus by Pro Minerals is in connection with
the previously announced Plan of Arrangement whereby Novawest will spin off
six of its Ontario properties into Pro Minerals. Pro Minerals has applied to
be listed on the TSX Venture Exchange (the "Exchange").
On the effective date (the "Effective Date") of the Plan of Arrangement,
which date will be contemporaneous with the closing date of the IPO of Pro
Minerals, Novawest will distribute one common share of Pro Minerals for every
five Novawest shares held by Novawest shareholders and Pro Minerals will
distribute one common share purchase warrant of Pro Minerals for every five
Novawest warrants held by Novawest warrantholders. As per the requirements of
the Exchange and the B.C. Securities Commission, these "spin-off" shares will
be subject to a four month hold period.
In other business, Novawest wishes to advise that the shares which were
issued pursuant to the private placement which was announced in the Company's
November 5, 2007 News Release, are subject to a hold period which expires
March 10, 2008. All of the aforementioned is subject to the approval of the
TSX Venture Exchange.
The Exchange has not approved nor disapproved the contents of this press
ON BEHALF OF THE BOARD OF DIRECTORS OF NOVAWEST RE
"Patrick D. O'Brien"
Patrick D. O'Brien - President
Novawest invites the public to visit its website at
http://www.novawest.com or e-mail the company at firstname.lastname@example.org to be
added to the company's e-mail list for press releases and updates.
S.E.C.Exemption12(g)3-2(b) File No. 82-3822, Standard & Poors Listed, Dun
& Bradstreet Listed
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS RELEASE
SHALL NOT CONSTITUITE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY
SECURITIES IN ANY JURISDICTION. "SAFE HARBOR" STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD
LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND
UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
SET FORTH IN OR IMPLIED HEREIN.
For further information:
For further information: Suite 1000, The Marine Building, 355 Burrard
Street, Vancouver, British Columbia, Canada, V6C 2G8, Tel: (604) 683-8990,
Toll-Free: 1-800-663-8990, Fax: (604) 683-8903, www.novawest.com,