Nova Growth Corp. - Announces Results of Motion for Leave to Appeal (cnw)
TORONTO, May 28 /CNW/ - Nova Growth Corp. (the "Company") (YVA-CDNX) announces the following update concerning its Motion for Leave to Appeal in the Kepinski and Boxer action.
Nova Growth v. Andrzej Kepinski, Richard Boxer and Falls
Entertainment, et al
The Company announces that its Motion for Leave to Appeal of the decision of Justice Farley, J. of December 31, 2001 was heard in the Divisional Court Of Ontario on April 11, 2002. Details of the December 31st orders are contained in the Company's press release of January 30, 2002 and in the Company's information folder at www.sedar.com (Material Change report dated January 30, 2002).
Justice R.J. Flinn in his endorsement dated May 27, 2002, refused to grant Leave to Appeal of the decision of Justice Farley, J. of December 31, 2001.
As a result of Justice R.J. Flinn's May 27, 2002 endorsement arising from the Company's Motion for Leave, which was heard on April 11, 2002, the Company is now considering seeking Leave to Appeal the Order of Justice Farley, J. to the Supreme Court of Canada. Details will be released in due course.
The Company's Annual and General Meeting of Shareholders was held on April 24, 2002 as previously announced. Shareholders of the Company unanimously approved all resolutions tabled at the meeting by management.
As previously announced, the Company 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 be used for general corporate purposes and to fund the Company's previously disclosed legal actions.
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 issued and outstanding (19,729,383 on a fully diluted basis).
For further information: Mr. Brian L. Hamm, President and Director at (416) 738-2929, or visit Nova Growth's information folder at www.sedar.com |
