Nova Uranium Corporation
TSX VENTURE : NUC

Nova Uranium Corporation

August 17, 2006 16:08 ET

Nova Closes $1.25 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2006) - Nova Uranium Corp. (the "Company") (TSX VENTURE:NUC) announces that it has closed on its non-brokered private placement announced on August 2, 2006 and issued 1,000,000 flow-through common shares ("FT Shares") at a price of $1.25 per FT Share for gross proceeds of $1,250,000. The Company has paid $62,500 cash and issued 100,000 non-flow through warrants ("Finder's Fee Warrants"), exercisable at $1.25 per share for a period of two years from the date of issuance, as finder's fees in connection with the private placement. The FT Shares and any shares acquired on exercise of the Finder's Fee Warrants are subject to a four-month hold period expiring December 9, 2006.

MineralFields Group is a Toronto based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar limited partnerships to investors throughout the world. Information about MineralFields Group is available at www.mineralfields.com.

The proceeds of this financing will be used to explore Nova's Mont Laurier Uranium property in Quebec. Nova is exploring its 228 sq. kilometre Mont Laurier property with 21 known Uranium showings. The current program is focusing on the newly discovered Dyke 18 in conjunction with regional work defining drill targets at prospective locations including the "Number One" and the "Tom Dick" prospects.

ON BEHALF OF THE BOARD

Donald G. Moore, CEO, President and Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nova Uranium Corp.
    Donald G. Moore
    CEO, President and Director
    (604) 687-7178 or Toll Free: 1-800-398-5645
    www.novauranium.com