Novik Inc.

Novik Inc.

October 03, 2005 14:29 ET

Novik Enters the Public Market and Grants Stock Options

SAINTE-FOY, QUEBEC--(CCNMatthews - Oct. 3, 2005) - Novik Inc. ("Novik") (TSX VENTURE:NVK) - M. Michel Gaudreau, President and Chief Executive Officer of Novik is proud to announce the listing of Novik's common shares on the TSX Venture Exchange (the "TSX Venture") at the opening of the market on Tuesday October 4, 2005 under the ticker abbreviation NVK.

As previously announced, the qualifying transaction by which Beauce Investments Inc. ("Beauce") acquired the totality of Novik inc. Class "A" shares (the Qualifying transaction"), closed on September 20, 2005. Following that transaction, Beauce and Novik inc. amalgamated under the name "Novik Inc. / Novik inc." (the "Amalgamation"). The TSX Venture issued, on October 3, 2005 its final Exchange bulletin approving the Qualifying transaction.

In accordance with Policy 2.5 of the TSX Venture Exchange Corporate Finance Manual, Novik as met the requirements of a Tier 1 Company. Therefore, Novik classification will change from Tier 2 to Tier 1. A total of 22 100 000 Common shares and 900 000 warrants are currently escrowed. Following the classification of Novik as a Tier 1 Company and the Amalgamation, the schedule of release of the escrowed securities will be modified as follows:

- At the issuance of the final Exchange bulletin: release of
5 525 000 Common shares and 225 000 warrants;

- 6, 12 and 18 months following the issuance of the final
Exchange bulletin : respectively 5 525 000 Common shares
and 225 000 warrants.

Finally, as previously announced, Novik has granted 100 000 stock options to each of its seven (7) directors and officers and 935 000 stock options to Novik's employees, for a total of 1 635 000 stock options. Each stock options shall entitle is holder to subscribe one (1) Common share of Novik at a price of fifty cents ($0,50) for a period of 5 years.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Novik Inc.
    Michel Gaudreau
    President and Chief Executive Officer
    (418) 878-6161
    (418) 878-6164 (FAX)