For Immediate Release
NovaDx Completes Interim Debenture Offering
(Vancouver, BC, March 24, 2010) Novadx Ventures Corp (“Novadx”) (TSX-V: NDX) announces that it has closed its offering (the "Offering") of secured debentures having an aggregate principal amount of $500,000 (the "Interim Debentures") previously announced on March 18, 2010. The Interim Debentures are be secured against Novadx’s assets and the assets of MCoal Corporation ("MCoal"), Novadx's wholly owned subsidiary, subject to any prior charges, and mature on the earlier of:
- the date Novadx and/or MCoal close, in aggregate, debt and/or equity financing in an amount not less than CDN$2.5 million;
- the date MCoal generates aggregate gross coal sales in the amount of US$7.5 million from its Rosa Mine; and
- October 31st, 2010.
Interest at a rate of 12% per annum will be payable monthly on the 1st day of each month until September 30, 2010, and thereafter at a rate of 22% per annum until maturity. The proceeds of the Interim Debentures will be used for working capital associated with the commencement of production at MCoal’s Rosa Mine Site.
In connection with the issuance of the Interim Debentures, Novadx issued an aggregate of 250,000 common shares at a deemed price of $0.20 per common share as a bonus to the holders of the Interim Debentures.
All of the securities issued under the Offering are subject to a hold period of four months and one day from the date of issuance.
About Novadx: Novadx is a Vancouver-based Investment Company whose primary focus is on providing merchant banking services to natural resource companies. Novadx structures and makes direct equity investments as a principal and provides management and other related services to companies in specific resource sectors, such as MCoal Corporation, a subsidiary company that has obtained all necessary operating permits and is now opening a metallurgical coal mine in the State of Alabama, USA. For more information please visit www.novadx.com.
About MCoal: MCoal Corporation, a wholly owned subsidiary of Novadx Ventures Corp., has been actively acquiring surface and mineral interests that cover the Rosa Coal deposit. The Rosa Coal Project is a metallurgical coal mine project located in Blount County, Northern Alabama, approximately 40 miles from the City of Birmingham. Birmingham provides a nearby local market for the Rosa Coal and is the location of two existing coking plants that have historically used the Rosa Coal in their operations.
This press release is not for distribution in the United States or over United States wire services
ON BEHALF OF THE BOARD
Neil MacDonald
President and CEO and Director
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 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. 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 about Novadx Ventures Corp. please contact:
Neil MacDonald, President and CEO
(604) 633-2776
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Robin Bjorklund, or Griff Jones
Investor Relations
OceanPoint Advisors Inc.
(604) 682-7339
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
This e-mail address is being protected from spambots. You need JavaScript enabled to view it