News on Nova Growth today:
Attention Business Editors:
Nova Growth Corp. - (YVA-CDNX) Announces Completion of $750,000 Private Placement of Secured Convertible Debentures
TORONTO, Jan. 15 /CNW/ - Nova Growth Corp. (the "Company") announces that on December 28, 2000, it completed a private placement of 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 warrants are exercisable at the price of $1.00 per share for a period of two years.
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 which 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 the defendants in Fall 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 $10,000,000.00, 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 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; and
- Coopers and Lybrand, court file no. 98-CV-149051.
The issuance of the Debentures was accepted for filing by the Canadian Venture Exchange on December 27, 2000. 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 (19,629,383 on a fully diluted basis).
For further information: please contact, Mr. Brian Hamm, President and Director at (416) 362-3966 or visit the Company's information folder on www.sedar.com. |
