NovaDX Completes Financing
| November 08, 2006 NovaDX Completes Financing |
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| November 8, 2006 -- NovaDX Ventures Corp. is pleased to announce that it has closed 1,675,000 units of a non-brokered private placement of the Company at a price of $0.20 per unit for total proceeds of $335,000. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one common share at a price of $0.40 for a period of 2 years, subject to acceleration in certain circumstances. The private placement was subscribed for entirely by insiders and employees of NovaDX. The Exchange's final acceptance of the private placement remains subject to satisfactory review by the Exchange of documentation filed in connection with the recent appointment of Neil MacDonald as NovaDx's CEO. The proceeds of the private placement will be used for general working capital. The securities issued in the private placement are subject to a hold period expiring on March 3, 2007. NovaDX's CEO, Neil MacDonald, noted "closing of this placement marks the beginning of a new course we are implementing for NovaDX to become a leading facilitator of capital and provider of business advisory services to natural resource exploration companies. Activity in this industry sector is continuing at a fast pace, offering many opportunities which NovaDX intends to capitalize on for benefit of its shareholders." About NovaDx NovaDX is a newly created merchant banking firm that is focusing on small and micro-cap natural resource issuers, a largely overlooked but important sector of the equity markets. NovaDX's business plan involves seeking out investment opportunities in companies that have quality management and projects that demonstrate an above average opportunity for new resource discovery. NovaDX works closely with management of these companies with the objective of mitigating risk and enhancing the value of its investments. NovaDX intends to pursue opportunities in North America and abroad. As a merchant bank, NovaDX seeks a return on its investments supplemented with revenue derived from providing investment banking and advisory services to this sector. ON BEHALF OF THE BOARD The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. For more information, please contact Neil MacDonald or Stephen Wilkinson at 1-888-350-8818 or 604-331-1223. |
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You can view the Next NovaDX Corporate News item: Fri Nov 10, 2006, Press Release |