Nuvolt Corporation Inc.

Nuvolt Corporation Inc.

September 04, 2009 16:01 ET

Nuvolt Corporation Inc. Announces the First Closing of a Private Placement for Proceeds of $1,390,000, as Well as the Issuance of Stock Options

LEVIS, QUEBEC--(Marketwire - Sept. 4, 2009) - Further to its press release of July 30, Mr. Jacques Dion, President and Chief Executive Officer of Nuvolt Corporation ("Nuvolt") (TSX VENTURE:NCO) announces the first closing of its non-brokered private placement for 9,266,666 units (the "Units") at a price of $0.15 per Unit, for proceeds of $1,390,000 (the "Placement"). Each Unit is comprised of one common share of Nuvolt and one warrant. Each warrant entitles the holder to acquire one common share of Nuvolt, at a price of $0.15 per share for a period of 36 months from the closing date. The Units will be subject to a four month hold period under applicable securities laws. The proceeds of the Placement will be used for general corporate purposes and to complete and market Nuvolt's new SMARTSCAN technology. The Placement is subject to regulatory approval.

Of this amount, a total of 5 666 667 Units were subscribed by members of the board of directors and their affiliates. No commissions or finders fees were paid with respect to the Placement.

The Company also announces that it has granted a total of 1,600,000 stock options, at an exercise price of $0.11, to directors, managers and employees, in accordance with its Stock Option Plan. The stock options can be exercised up until September 4, 2014 and have been granted as follows:

Directors and officers: 1,400,000

Employees: 200,000

About Nuvolt Corporation Inc.

Nuvolt specialises in designing and marketing equipment monitoring systems and electrical network management for the industrial, commercial and agricultural sectors.

Its main products are the Agrivolt System, an electrical network management system for dairy, pig and poultry farms, Agrivolt Filters, to control electronic noise in agricultural and commercial applications and RELAX, a farm equipment monitoring system.

Nuvolt is also following through with the development of SMARTSCAN, a highly innovative monitoring system which can prevent electrical failures on electrical networks in the industrial, commercial and agricultural sectors.

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management. You are cautioned that such statements can be subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and Nuvolt assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.

Neither 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

  • Nuvolt Corporation Inc.
    Jacques Dion, CEO
    418-833-4055 (FAX)