Novadx announces private placement of units
For Immediate Release
NOVADX ANNOUNCES PRIVATE PLACEMENT OF UNITS
(Vancouver, BC, August 19, 2010) Novadx Ventures Corp (“Novadx”) (TSX-V: NDX) announces that, subject to regulatory approval, it will seek to privately place up to 5,700,000 units (the “Units”) at a price of $0.175 per Unit for gross proceeds of up to $997,500. Each Unit is comprised of one common share and one-half of one share purchase warrant. Each full warrant will entitle the holder to acquire an additional common share at a price of $0.25 per share for a period of one year from closing. Proceeds from the private placement will be used to fund purchase of equipment at MCoal’s Rosa Mine and for general working capital requirements. All of the securities issued under the private placement will be subject to a hold period of four months and one day from the date of issuance.
Finder’s fees, as allowed pursuant to the policies of the TSX Venture Exchange, may be payable in connection with the offering. Certain directors, officers and shareholders of the Company may arrange the sale certain common shares of Novadx through the facilities of the TSX Venture Exchange. The net proceeds from these transactions may be used to fund a portion of the private placement financing.
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 selected structured project companies in specific resource sectors, such as MCoal Corporation, a subsidiary company currently permitting a metallurgical coal mine in the State of Alabama, USA. 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
Neil MacDonald
President and CEO and Director
For more information about Novadx Ventures Corp. please contact:
Neil MacDonald
(604) 633-2776 ext 23
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Gavin McMillan
(604) 633-2776 ext. 30
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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.