Novus Gold Corp.
TSX VENTURE : NOV

Novus Gold Corp.

March 16, 2010 15:17 ET

Novus Gold Corp. Announces a Revised Brokered-Flow-Through Private Placement Through Canaccord

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 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) announces that further to its news release of February 17, 2010, it has engaged the services of Canaccord Financial Ltd. ("Canaccord") as its agent to assist, on a commercially reasonable efforts basis, with the sale and distribution of up to 7,500,000 flow-through shares ("FT Shares") at a price of $0.40 per FT Share (the "Offering"). In addition, the Company has granted an over-allotment option to Canaccord entitling it to increase the size of the Offering by 2,500,000 FT Shares at any time prior to the closing of the Offering.

The terms of the private placements contemplated in the February 17, 2010 news release have been replaced in their entirety by the terms of the Offering.

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. The Company will renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2010.

The Offering is subject to the approval of the TSX Venture Exchange.

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.

Contact Information

  • Novus Gold Corp.
    Gunther Roehlig
    Director
    (604) 688-0335
    (604) 683-7161 (FAX)
    www.NovusGold.com