Novadx Ventures Corp.

Novadx Ventures Corp.

March 13, 2008 12:55 ET

NovaDX Announces First Close for Faircourt CSCRF Flow-Through Units

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2008) -

Ventures Corp., President & CEO, Neil MacDonald, reports:

NovaDX Ventures Corp. ("NovaDX") (TSX VENTURE:NDX) is pleased to announce that the Faircourt CSCRF 2008 No. 1 Limited Partnership (the "Partnership") completed the first closing of its offering of limited partnership units ("Units") on March 11, 2008 with the sale of 415,854 Units at a price of $10.00 per Unit, raising gross proceeds of $4,158,540.

The Partnership, which is jointly sponsored by NovaDX and Faircourt Asset Management, may hold additional closings of sales of Units up to May 15, 2008.

"We are pleased with the results of this first close of our flow-through LP offering in what has been a very difficult market for the whole sector," said NovaDX CEO Neil MacDonald.

"We strongly believe that there is a disconnect today between rising commodity prices and the lagging performance of many high-quality junior resource exploration companies. As a result, we see a number of very attractive investment opportunities in the early stage mining and oil & gas sector."

Faircourt is a Toronto-based investment firm that structures value added tax-advantaged investment solutions for Canadian retail investors. Since inception in 2003, Faircourt has raised more than $750 million in structured investment products, including TSX-listed closed end funds, corporate class mutual funds, and principal protected notes.

NovaDX, through its wholly owned Canadian Small Cap Resource Fund Management Company subsidiaries, is the administrator of Canadian Small Cap Resource Fund 2004 LP, Canadian Small Cap Resource Fund 2005 LP, Canadian Small Cap Resource Fund 2006 No. 1 LP, Canadian Small Cap Resource Fund 2006 No. 2 LP, Canadian Small Cap Resource Fund 2007 No. 1 LP and the Canadian Small Cap Resource Fund 2007 No. 2 LP (the "CSCRF LPs"). These LP offerings have raised an aggregate total of $37.5 million that has been invested in flow-through shares of junior exploration companies in Canada's mining and oil & gas sectors.

The Faircourt CSCRF 2008 Unit offering is being made on a commercially reasonable efforts agency basis by a syndicate co-led by Blackmont Capital Inc. and CIBC World Markets Inc. and including TD Securities Inc., BMO Capital Markets, Scotia Capital Inc., Berkshire Securities Inc., Canaccord Adams, Raymond James Ltd., GMP Securities L.P., IPC Securities Corporation, Jory Capital Inc., and Wellington West Capital Inc. Units are available for sale in all provinces in Canada except Quebec.

The offering is for a maximum of $25,000,000 and a minimum of $3,000,000. The Units are priced at $10.00 per Unit, with a minimum subscription of 250 Units ($2,500).

The Partnership's objective is to provide its Limited Partners with a tax assisted investment in a diversified portfolio of flow-through shares of resource issuers with a view to maximizing the tax benefit of an investment in the units and achieving capital appreciation for the Limited Partners. It is expected that substantially all of the investment in the Units will be fully tax deductible in 2008. An additional 15% Federal investment tax credit may also be available to investors on certain qualified Canadian Exploration Expenses.

Investments will be made with the intent to create a diversified portfolio of primarily mineral and, to a lesser extent, oil and gas exploration companies as well as "alternative energy" issuers. The Partnership's investment strategy is to invest in flow-through shares of resource issuers that it considers to represent good value, have experienced and capable senior management, have a strong exploration program in place and offer potential for future growth. Bolder Investment Partners, Ltd. has been retained as the Portfolio Advisor.

Further information on the Partnership and a copy of the prospectus may be obtained from any member of the offering syndicate or on the internet at

About NovaDX: NovaDX is a Vancouver-based investment firm whose primary focus is on providing merchant banking and other business advisory services to micro-cap natural resource issuers, a largely overlooked but important sector of the equity markets. NovaDX's business plan involves seeking out investment opportunities in companies that have quality management and projects that demonstrate an above average opportunity for new resource discoveries. NovaDX works closely with management of these companies with the objective of mitigating risk and enhancing the value of its investments. NovaDX intends to pursue opportunities in North America and abroad. NovaDX seeks a return on its investments supplemented with revenue from investment banking, investment fund administration and advisory services. For more information please visit


This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of such jurisdiction.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • NovaDX Ventures Corp.
    Neil MacDonald
    604-633-2776 or Toll Free: 1-888-350-8818
    NovaDX Ventures Corp.
    Rick Peterson
    604-633-2776 or Toll Free: 1-888-350-8818
    NovaDX Ventures Corp.
    Adam Ho
    604-633-2776 or Toll Free: 1-888-350-8818
    (604) 683-6564 (FAX)