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".
For further information:
For further information: Mr. Brian L. Hamm, President and Director, at