Novus Energy Inc. grants performance warrants and options


    (TSX Venture Exchange: "NVS")

    CALGARY, Sept. 4 /CNW/ - Novus Energy Inc. ("Novus" or the "Company")
announces that it has granted a total of 4,275,000 performance warrants
("Performance Warrants") and 3,075,000 options to certain directors, officers
and employees of the Company, including an aggregate of 4,200,000 Performance
Warrants and 2,850,000 options that were granted to insiders of the Company.
    Each option entitles the holder the right to acquire one common share of
the Company at an exercise price of $0.60 per share and will expire five years
from the date of issue. One quarter of the options vest every six months, with
the first tranche vesting six months from the date of grant.
    The issuance of Performance Warrants was a condition of the financing and
change of management of the Company which occurred on March 31, 2009. The
Performance Warrants were approved by the Company's shareholders at the annual
general and special meeting of shareholders held on June 11, 2009, and their
issuance is exempt from the valuation and minority approval requirements of
Multilateral Instrument 61-101, since the fair market value of the Performance
Warrants is less than 25% of the market capitalization of the Company.
    Each Performance Warrant entitles the holder the right to acquire one
common share of the Company at an exercise price of $0.56 per share and will
expire three years from the date of issue. The Performance Warrants will vest
upon the Company achieving certain targets for growth in net asset value per
fully diluted share outstanding ("NAV per share"). With reference to the
initial NAV per share calculated as $1.10, the Performance Warrants will vest
as follows: 1/3 upon an increase in NAV per share of 25%, 2/3 upon an increase
in NAV per share of 33?%, and all of the Performance Warrants granted shall
vest upon an increase in NAV per share of 50%.
    For a comprehensive description of the terms and conditions of the
Performance Warrants, please refer to the Information Circular of Novus dated
May 7, 2009 which is available on SEDAR at under the Company's


    Certain disclosures set forth in this press release constitute
forward-looking statements. Any statements contained herein that are not
statements of historical facts may be deemed to be forward-looking statements.
Forward-looking statements are often, but not always, identified by the use of
words such as "anticipate", "believes", "budget", "continue", "could",
"estimate", "forecast", "intends", "may", "plan", "predicts", "projects",
should", "will" and other similar expressions. All estimates and statements
that describe the Company's future, goals, or objectives, including
Management's assessment of future plans and operations, may constitute
forward-looking information under securities laws. Forward-looking statements
involve known and unknown risks and uncertainties which include, but are not
limited to: exploration, development and production risks; assessments of
acquisitions; reserve measurements; availability of drilling equipment; access
restrictions; permits and licenses; aboriginal claims; title defects;
commodity prices; commodity markets, transportation and marketing of crude
oil, liquids and natural gas; reliance on operators and key personnel;
competition; corporate matters; funding requirements; access to credit and
capital markets; market volatility; cost inflation; foreign exchanges rates;
general economic and industry conditions; environmental risks; Kyoto protocol;
and government regulation and taxation.
    Forward-looking statements relate to future events and/or performance and
although considered reasonable by Novus at the time of preparation, may prove
to be incorrect and actual results may differ materially from those
anticipated in the statements made. Novus does not undertake any obligation to
publicly update forward-looking information except as required by applicable
securities law.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Hugh G. Ross, President and CEO, Telephone:
(403) 263-4310, Fax: (403) 263-4368; Ketan Panchmatia, VP Finance and CFO,
Telephone: (403) 263-4310, Fax: (403) 263-4368

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Novus Energy Inc.

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