Nuvolt Corporation Inc.

Nuvolt Corporation Inc.

November 19, 2010 09:53 ET

Nuvolt Corporation Announces a Second Closing of its Private Placement

LEVIS, QUEBEC--(Marketwire - Nov. 19, 2010) - This news release is not for distribution to United States newswire services or for dissemination in the United States.

Mr. Jacques Dion, President and CEO of Nuvolt Corporation Inc. (TSX VENTURE:NCO) ("Nuvolt") is pleased to announce that Nuvolt has completed a second tranche of its previously-announced private placement by issuing an aggregate of 2,255,000 units (the "Units") at a price of de $0.10 per Unit, for gross proceeds to Nuvolt of $225,500. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to purchase one additional common share of Nuvolt at a price of $0.20 per share for a period of 36 months following the closing date of the private placement.

In connection with the private placement, in addition to the payment of a cash commission of $14,040, representing 8% of the gross proceeds of the private placement raised throught Northern Securities Inc., Nuvolt issued broker warrants to Northern Securities, entitling it to purchase up to 122,850 Units, representing 7% of the total number of Units sold in the private placement through Northern Securities. The broker warrants may be exercised at a price of $0.10 per warrant for a period of 24 months from the closing date of the private placement. Each unit to be issued upon the exercise of the broker warrants will consist of one common share and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.20 for a period of 36 months from the closing date of the private placement.

The private placement has been effected pursuant to prospectus exemptions under applicable securities legislation. The Units are subject to a four-month hold period ending March 19, 2011 under applicable securities law. Nuvolt will use the net proceeds of the private placement to launch the commercialization of SMARTSCAN as well as for working capital.

As a result of the private placement, there are 75,032,328 common shares of Nuvolt issued and outstanding.

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been 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 may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 

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
    Jacques Dion
    418-833-4055 (FAX)