Less hot air here:
Wednesday November 21, 11:47 am Eastern Time
Press Release
SOURCE: Nova Growth Corp.
Nova Growth Corp. - Announces $2,000,000 financing
TORONTO, Nov. 21 /CNW/ - Nova Growth Corp. (YVA-CDNX) (the "Company") is pleased to announce that it plans to undertake a $2,000,000 non-brokered financing of equity units, each unit comprised of $150,000 of common shares and warrants. The pricing of the shares and warrants will be subject to regulatory approval.
The proceeds will he used for general corporate purposes and to fund the Company's previously disclosed litigation actions against:
A. 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
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.
As announced October 22, 2001, the previously scheduled motions in the Nova v. Falls Entertainment, et al action of March 19, 2001 have been rescheduled to be heard by Mr. Justice Farley on December 17 & 18, 2001.
B. Nova v. Gaming Venture Group ("GVG"), et al, in which action the
Company is seeking, among other things, a declaration that it
carried on business as a partner or, alternatively, as a
joint-venturer with Shiplake Casino Corp. ("Shiplake"), an Ontario
corporation and Park Gaming, L.P. (Park"), a Delaware limited
partnership, in respect of GVG's response to the February 18, 1997
request for proposals of the Gaming Control Commission's (Ontario)
Charity Gaming Club Project. The Company is also seeking an
accounting of all right, title and interest, as well as proceeds
and benefits held or obtained, by Shiplake or Park, in any monies
paid in respect of the GVG Bid. The Company also claims damages for
breach of contract in the amount of $10,000,000 or in the
alternative, damages for breach of fiduciary duty in the amount of
$10,000,000.
The Company further reports that discoveries commenced in the Nova v. GVG, et al action on October 30, 2001. Additional dates are being sought to continue the discoveries, details of which will be released in due course.
C. Coopers & Lybrand, et al, in which the Company has commenced an
action in Ontario against Coopers & Lybrand; Coopers & Lybrand
L.L.P.; Michael French, Gary Hassard and Robert Scarpelli seeking
an accounting and other relief against the Defendants in respect of
services performed by the Defendants for the Company in respect of
various casino ventures pursued by the Company, including ventures
in Trinidad, the Azores, Calgary and Niagara Falls.
As announced on November 8, 2001, Nova's common shares have been included in the recently announced S&P/CDNX Composite Index. The index is a joint project of Standard & Poors, a leading global provider of financial information and investment analysis, and the Canadian Venture Exchange Inc. a wholly owned subsidiary of The Toronto Stock Exchange Inc.
The Canadian Venture Exchange ("CDNX") 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 (19,729,383 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. |
