Novadx Closes Tranche of Non-brokered Private Placement
April 21, 2009
Novadx Closes Tranche of Non-brokered Private Placement
NovaDX Ventures Corp, President & CEO, Neil MacDonald, reports:
(Vancouver, BC, April 21, 2009) NovaDX Ventures Corp ("NovaDX") - TSX-V: NDX announces that it has closed on 3,200,000 units of a non-brokered private placement of the Company that was previously announced on April 3, 2009, at a price of five cents per unit, for gross proceeds of $160,000. Each unit consists of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $.10 per share for a period of 24 months from the date of closing.
The proceeds of the private placement will be used for investment and working capital. The common shares forming part of the units, as well as any common shares issued upon exercise of the warrants, are subject to a four-month hold period, which will expire at midnight on August 22, 2009.
The Company's CEO, Neil MacDonald of Vancouver, BC acquired 2,000,000 units under the private placement. Upon completion of the offering, Mr. MacDonald now holds 3,603,809 common shares, representing 14.02 % of NovaDX's outstanding capital. Assuming the exercise of the warrants forming part of Mr. MacDonald's units, Mr. MacDonald would then own and control an aggregate of 4,603,809 common shares, representing 17.24 % of NovaDX's then outstanding capital.
NovaDX is advised that the securities were acquired by Mr. MacDonald for investment purposes. While he does not currently have any intention to acquire further securities of the Company, Mr. MacDonald may in the future acquire or dispose of securities of NovaDX, through the market or otherwise, as circumstances or market conditions warrant.
The Company also announces the appointment of Iqbal Boga to the position of Chief Financial Officer. Mr. Boga is a Chartered Accountant and also serves as a director and senior officer of numerous public companies. Mr. Boga replaces Melisa Attisha who has resigned from the positions of Chief Financial Officer and Chief Compliance Officer. Neil MacDonald has assumed the role of Chief Compliance Officer. The Company thanks Ms. Attisha for her past services and wishes her success in her new business pursuits.
The Company has also granted incentive options to an officer of the Company, in accordance with its Stock Option Plan, for the purchase of a total of 200,000 common shares of the Company at a price of ten cents for a period of five years, subject to regulatory approval.
About NovaDX: NovaDX is a Vancouver-based investment firm whose primary focus is on providing merchant banking and other business advisory services to 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 discoveries. 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. NovaDX seeks a return on its investments supplemented with revenue from investment banking, investment fund administration and advisory services. For more information please visit www.novadx.com.
This press release is not for distribution in the United States or over United States wire services.
ON BEHALF OF THE BOARD
Neither 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of such jurisdiction.
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 or for a copy of Mr. MacDonald's Early Warning Report filed in accordance with applicable Securities Legislation, please contact Neil MacDonald at 604-633-2776 or send us an email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .