Sernova Corp
TSX VENTURE : SVA

Sernova Corp

June 01, 2009 17:30 ET

Sernova Corp.: Closing of $420,000 Private Placement

LONDON, ONTARIO--(Marketwire - June 1, 2009) - Sernova Corp. (TSX VENTURE:SVA)

Sernova Corp. announces the closing of its private placement of 14,000,000 common shares at $0.03 per common share for gross proceeds of $420,000. The shares are subject to a hold period of four months, expiring on September 29, 2009. An agent's fee of $21,104 has been paid to Blackmont Capital Inc., along with 703,467 warrants with a two year term, exercisable into one common share per warrant at an exercise price of $0.05 in the first year and $0.10 in the second year.

"The proceeds of the private placement will be used to advance the development of Sernova's proprietary treatment for insulin-dependent diabetes," said Dr. Philip Toleikis, President and CEO of Sernova Corp.

About Sernova

Sernova Corp. is a Canadian-based, health-sciences company focused on commercializing medical technologies. Sernova is currently developing a platform technology for a number of serious disease indications, starting with a novel treatment for insulin-dependent diabetes, using its patented Sertolin cell technology. According to the American Diabetes Association approximately 9 million Americans require insulin injections and it is the sixth leading cause of death in the United States. One out of every 8 dollars spent on health care in the United States is spent on treating diabetes and its complications. Worldwide expenditures on insulin alone are estimated to be $15 billion annually and growing.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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