Nova Growth Corp. (YVA-V) news released yesterday:
newswire.ca
Attention Business Editors:
Nova Growth Corp. - (YVA-CDNX) - Announces Receipt of Subscriptions for
$750,000 Secured Convertible Debentures
TORONTO, Dec. 11 /CNW/ - Nova Growth Corp. (the "Company") announces it
has received non-brokered subscriptions for a total of $750,000 of 9%
secured convertible debentures (the "Debentures") from arm's length parties.
The Debentures are for a term of two years and are convertible into units at
$0.25 per unit, each unit consisting of one common share of the Company and
one common share purchase warrant. The warrant is exercisable for a period
of two years from conversion, at a price of $1.00.
The proceeds will be used for general corporate purposes and to fund the
Company's previously disclosed litigation against:
- Andrzej Roman Kepinski (a former President and Director of the
Company), 1021862 Ontario Limited (a company beneficially owned by Mr.
Kepinski), A. Kepinski & Associates, Richard Boxer (a former director and
officer of the Company's wholly owned subsidiary Win North Gaming
Corporation), 867214 Ontario Limited (a company associated with Mr. Boxer),
Buckingham Capital Corporation (a company associated with Mr. Boxer), and
Falls Entertainment Corporation (a company that is beneficially owned by Mr.
Kepinski and Mr. Boxer). The Company claims, among other things, that
certain or all of the interests of any and all of the defendants in Falls
Entertainment Corporation and the Niagara Falls Casino-Gateway Project are
the property of the Company, that the debentures issued by the Company
relating to the acquisition of Win North Gaming Corporation to each of
1021862 and 867214 are void, or voidable at the option of the Company, that
the defendants
deliver to the Company 1,900,000 shares of the Company, damages in the
amount of $10,000,000, indemnity for all liabilities incurred by the
defendants in the name of the plaintiffs, and that the defendants do not
have any interest in or claim against any of the undertakings of the
Company, or Win North Gaming Corporation; court file no. 99-CL-3473. The
Ontario Superior Court of Justice has set a trial date of April 2, 2001 in
respect of this action.
- Gaming Venture Group, court file no. 00-CV-197099.
- Coopers and Lybrand, court file no. 98-CV-149051.
The completion of the issuance of the Debentures is subject to approval
of the Canadian Venture Exchange. The Canadian Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this press release.
Nova Growth Corp. has 11,104,383 common shares outstanding (13,629,383
on a fully diluted basis).
For further information: Mr. Brian L. Hamm, President and Director at
(416) 362-3966 or visit the Company's information folder on www.sedar.com
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