Novus Gold Corp.
TSX VENTURE : NOV

Novus Gold Corp.

April 05, 2010 13:47 ET

Novus Gold Corp. Announces Closing of Flow-Through Share Financing With Canaccord Financial Ltd. and MineralFields Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Novus Gold Corp. (the "Company") (TSX VENTURE:NOV) is pleased to announce that further to its news release of March 16, 2010, it has closed a private placement of 7,762,500 flow-through shares ("FT Shares") at a price of $0.40 per FT Share for gross proceeds of $3,105,000. The Company paid a commission of $77,350 and issued 193,375 agents' warrants to its agent, Canaccord Financial Ltd. ("Canaccord") and Canaccord's selling group, on the brokered portion of the offering, which comprised 2,762,500 of the FT Shares. In addition, the Company paid Canaccord a finder's fee of 41,437 shares of the Company and a corporate finance fee of $60,000.

The Company also paid a finders' fee to Limited Market Dealer Inc. ("LMD") in connection with the non-brokered portion of the placement of 5,000,000 of the FT Shares. These FT shares were issued to certain limited partnerships within the MineralFields Group for gross proceeds of $2,000,000. The finders' fee to LMD is comprised of $140,000 and 350,000 finder's warrants. In addition, the Company paid LMD a due diligence fee of $30,000, which was paid by the issuance of 75,000 shares.

The warrants issued to each of LMD and Canaccord entitles the holder to purchase one non-flow-through common share of the Company at a price of $0.40 per share until April 1, 2012.

The gross proceeds from the sale of the FT Shares will be used for Canadian Exploration Expenses related to the exploration of the Company's REN Property in the Northwest Territories.

In connection with the participation of the MineralFields Group in the offering, President and CEO Mike Magrum, said "We are very pleased to be entering into this relationship with MineralFields Group. We consider this to be an important milestone in the growth of Novus Gold Corp. and we look forward to working with MineralFields Group as we develop our holdings in the Northwest Territories."

The offering is also the second time within the last 6 months that Canaccord has participated in a financing for the Company. Mr Magrum added, "We have a significant and valuable relationship with Canaccord and look forward to their continued assistance in meeting not only our exploration objectives, but also our company's long term goal of becoming an important player in the grass roots exploration sector in Canada."

All securities issued in the placement are subject to resale restrictions expiring on August 2, 2010.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

ON BEHALF OF THE BOARD OF DIRECTORS

 Mike Magrum, President & CEO

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities referenced herein have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and many not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable states securities laws.

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 news release.

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