Noravena Capital Corporation

April 30, 2010 12:30 ET

Noravena Capital Corporation: Completion of Initial Public Offering

TORONTO, ONTARIO--(Marketwire - April 30, 2010) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.

Noravena Capital Corporation (the "Company") is pleased to announce that it has successfully completed its initial public offering (the "Offering") through its agent, Union Securities Ltd. ("Union") of 1,500,000 common shares at a price of $0.20 per share, raising aggregate gross proceeds of $300,000. 

The Company has received conditional acceptance to be listed as a capital pool company on the TSX Venture Exchange (the "Exchange") and expects that once it completes its application for listing and receives final listing approval, trading will commence shortly thereafter under the symbol "NRV.P".

As a result of the closing of the Offering, the Company now has 6,500,010 common shares issued and outstanding (5,000,010 of which are subject to escrow restrictions), 150,000 common shares reserved for issuance upon the exercise of options granted to Union, and 650,000 common shares reserved for issuance upon the exercise of incentive stock options. The escrowed shares will be released in staged releases over a period of 36 months. 

The Company's board of directors and management team is comprised of the following individuals: James P. Boyle (President, Secretary, Chief Executive Officer and Director), Roderick W. Wilmer (Chief Financial Officer and Director), Carl DiPlacido (Director), Martin Quick (Director) and Bruce Reid (Director). 

As consideration for its role as agent, the Company granted Union a non-transferable option to purchase up to 150,000 common shares at a price of $0.20 per common share for a period of 24 months from the date the Company's common shares are listed on the Exchange. In addition, Union received a cash commission equal to 10% of the gross proceeds of the Offering. 

Pursuant to the Prospectus dated March 29, 2010 (the "Prospectus"), after the closing of the Offering, the Company entered into stock option agreements to grant incentive stock options to its directors and officers to acquire an aggregate of 650,000 common shares at a price of $0.20 per common share with an expiry date five (5) years from the date of grant.

The Company is a capital pool company governed by Exchange policies. The Company's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction within the meaning of Exchange policies.

Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.

The Company's documents may be accessed at www.sedar.com.

Neither the 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.

Contact Information

  • Noravena Capital Corporation
    James P. Boyle
    President, Secretary, Chief Executive Officer and Director
    416-867-8800
    416-867-8833 (FAX)