Nuvolt Corporation Inc.

Nuvolt Corporation Inc.

August 30, 2010 10:41 ET

Corporation Nuvolt Announces a Second Closing of Its Private Placement

LEVIS, QUEBEC--(Marketwire - Aug. 30, 2010) - Nuvolt Corporation Inc. (TSX VENTURE:NCO) ("Nuvolt") is pleased to announce that it has closed a first tranche of its private placement of $3M announced June 15, 2010 (the «Placement»), with the issuance of 2,700,000 additional units (the «Units») at a price of de $0.10 per Unit, for proceeds of $270,000. Each unit is comprised in one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share of Nuvolt at a price of $0.20 during the 36 months following the closing date. The Units are subject to a four-month hold period ending December 28, 2010 under applicable securities law. Additional closings of the Placement could be held until October 15, 2010. Nuvolt will use the net proceeds of the Placement to launch the commercialization of SMARTSCAN, whose first market deliveries are planned for fall 2010, as well as for working capital.

Northern Securities Inc. received $10,800 of cash commissions for acting as agent in this Placement. In addition, Northern Securities has received 189,000 compensation options equal to 7% of the aggregate number of units sold in the Placement, which will entitle Northern Securities to purchase one unit at an exercise price of $0.10 for a period of 24 months following the closing date.

The Placement has been effected pursuant to prospectus exemptions under applicable securities legislation.

About Nuvolt Corporation Inc.

Nuvolt has developed a specialized expertise in the management of electrical failures, power quality, the detection and neutralization of leakage current, as well as electrical network monitoring systems.

Nuvolt has devoted a great deal of energy to and has made major investments in the development of the SMARTSCAN project. The SMARTSCAN system is a user-friendly product that can be distributed by independent distributors active in specialized sectors including the farming, commercial and industrial 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

  • Jacques Dion
    418-833-4055 (FAX)