Novadx to Focus all Efforts on Coal Projects
Novadx Ventures Corp, President & CEO, Neil MacDonald, reports:
(Vancouver, BC, December 1, 2010) Novadx Ventures Corp. (“Novadx” or the “Company”) – (TSX-V: NDX) announces it has decided not to continue its Exempt Market Dealer registration in Ontario in order to focus all efforts on expanding its presence in the coal industry.
Neil MacDonald, President and CEO of Novadx, commented, “Our current principal objectives are to provide shareholders with long-term growth through building a base of sustainable cash flow and earnings from MCoal’s operations and to grow the business of MCoal both organically and through strategic acquisition. With the recent financing announcement from Sandstorm Metals and Energy we look forward to expanding our production of metallurgical coal at the Rosa Coal Mine, completing the acquisition and commissioning of the Rex No. 1 Mine, completing the acquisition of the Ikerd Flatwoods Mine and related assets and completing exploration of the Dade Coal project in the coming months. We will continue to devote the majority of our resources to growing MCoal’s business with the goal of increasing production and reserves/resources of high quality coal.”
In connection with the surrender of the Company's Exempt Market Dealer registration, the Company also announced that Vanessa Dircks has resigned as Chief Compliance Officer of the Company. Neil MacDonald commented "On behalf of the Board and Management, I would like to thank Vanessa for her hard work and dedication as an officer of this Company."
The Company has also agreed to grant options to purchase an aggregate of 1,425,000 common shares to directors, officers, employees and consultants of the Company. The options can be exercised at $0.30 per common share for a period of five years from the date of the grant.
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 commenced production from the Rosa mine a metallurgical coal mine in the State of Alabama, USA. For more information please visit www.novadx.com
About MCoal: MCoal Corporation is a wholly-owned subsidiary of Novadx Ventures Corp. and operates the Rosa Coal Mine. The Rosa Mine is a metallurgical coal mine located in Northern Alabama, approximately 40 miles north of the City of Birmingham. In addition to operating the Rosa Mine, MCoal is actively evaluating a number of high quality coal acquisition opportunities in the Appalachian coal region to increase its reserves and production.
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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Christopher Haugen
Gale Capital Corp.
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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.