NovaDX Closes $3,194,000 Private Placement
| May 29, 2007 NovaDX Closes $3,194,000 Private Placement |
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| NovaDX Ventures Corp, President & CEO, Neil MacDonald, reports: (Vancouver, BC, May 29, 2007) NovaDX Ventures Corp ("NovaDX") is pleased to announce the completion of a non-brokered private placement which raised a total of $3,194,176.20 through the issuance of 10,647,254 NovaDX units (the "Units") issued at a price of $0.30 per Unit. Each unit consists of one common share of NovaDX and one-half of one share purchase warrant (a "Warrant"), with each full warrant entitling the holder to acquire one common share of NovaDX at a price of $0.45 per share for the first year, and at $0.55 for the second year after the closing of the Offering. Proceeds of the Offering will be used to expand the scope of NovaDX's investments in select junior exploration companies and for general working capital. Finder's fees in accordance with TSX Venture Exchange policies, including 292,200 common shares, were paid in connection with the financing. The securities issued have a hold period expiring on September 29, 2007. "This is a significant step in our development and a strong vote of confidence from the capital markets in our business plan," said Neil MacDonald, President and CEO of NovaDX. "We're very bullish on the potential that the junior resource exploration sector offers over the next several years," said Mr. MacDonald. "This financing, as well as our recent acquisition of management of the Canadian Small Cap Resource Funds flow-through Limited Partnerships, offers us the resources we need to capitalize on the many opportunities we see in the mining and oil & gas exploration sectors." About NovaDX: NovaDX is a Vancouver-based investment firm whose primary focus is on 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 management and advisory services. 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 Rick Peterson at 604-684-2883 or send us an email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . |
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You can view the Next NovaDX Corporate News item: Wed Jun 6, 2007, NovaDX Announces Third Quarter Results |