SOURCE: Super Nova Petroleum Corp.

Super Nova Petroleum Corp.

July 12, 2017 19:45 ET

Super Nova to Settle $178,312.83 in Debt by Issuing Special Warrants and Announces $75,000 Private Placement

VANCOUVER, BC--(Marketwired - July 12, 2017) - Super Nova Petroleum Corp. (CSE: SNP) (CSE: SNP.CN) (CNSX: SNP) (OTC PINK: SNOVF) (the "Company" or "Super Nova" or "SNP") announces that it intends to complete a private placement of up to 1,000,000 Units at a price of $0.075 per Unit for aggregate subscription proceeds of up to $75,000. Each unit will be comprised of one common share and one purchase warrants. Each purchase warrant is exercisable at $0.10 per share for a period of two years from the date of issuance.

The private placement is subject to regulatory approval and in accordance with Exchange policies, a finders' fee may be paid on a portion of the funds raised. Proceeds will be used for general working capital.

The Company also announces that it intends to settle an aggregate of $178,312.83 in debt owed to certain creditors through the issuance of an aggregate of 2,377,505 Special Warrants. Each Special Warrant shall automatically convert, without any further consideration or action on the part of the Creditor, at 12:01 a.m. on the earlier of i.) the second anniversary of the date of issuance of the Special Warrants, and ii.) the closing of a significant transaction involving the Company.

At the Conversion Time, each Special Warrant shall convert into a unit (a "Unit") of the Company. Each Unit shall be comprised of one common share and one transferable, share purchase warrant (a "Warrant"). Each Warrant shall be exercisable into a common share (a "Warrant Share") at any time up to the close of business on the second anniversary of the issuance of the Units at a price of $0.10 per Warrant Share. Two of the parties which are settling debt with The Company are related parties. Quorum Capital Corp. will settle $52,740.29 in debt and receive 703,204 Special Warrants. Golden Dawn Minerals Inc. will settle $125,572.54 in debt and receive 1,674,301 Special Warrants.

On behalf of the Board of Directors:
SUPER NOVA PETROLEUM CORP.

"Wolf Wiese"
Wolf Wiese
CEO

THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER THE CSE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE COMPANY'S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS. WE SEEK SAFE HARBOR.

Contact Information

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    604-221-8936