&l...
VANCOUVER, May 10 /CNW/ - Novawest Resources Inc.'s (TSXV - "NVE"; Frankfurt - "NWN") President Patrick D. O'Brien is pleased to announce that Novawest's wholly-owned subsidiary, Pro Minerals Inc. ("Pro Minerals"), has filed a preliminary prospectus (the "Preliminary Prospectus") with the securities commissions in British Columbia, Alberta and Ontario. Pro Minerals has received preliminary receipts from the three securities commissions and awaits their review and initial comments on the Preliminary Prospectus, which it expects shortly.
The filing of the Preliminary Prospectus by Pro Minerals was in connection with the previously announced Plan of Arrangement whereby Novawest will spin off six of its Ontario properties into Pro Minerals. Pro Minerals has applied to be listed on the TSX Venture Exchange (the "Exchange").
On the effective date (the "Effective Date") of the Plan of Arrangement, which date will be contemporaneous with the closing date of the initial public offering (the "IPO") of Pro Minerals upon receiving final Exchange approval of the IPO and the Plan of the Arrangement, Novawest will distribute one common share of Pro Minerals for every five Novawest shares held by Novawest shareholders and Pro Minerals will distribute one common share purchase warrant of Pro Minerals for every five Novawest warrants held by Novawest warrantholders. Completion of the above referenced Plan of Arrangement is subject to a number of conditions, including but not limited to, the Exchange's acceptance thereof.
The Exchange has not approved nor disapproved the contents of this press
release.
ON BEHALF OF THE BOARD OF DIRECTORS OF NOVAWEST RESOURCES INC.
"Patrick D. O'Brien"
-----------------------------
Patrick D. O'Brien - Chairman
Novawest invites the public to visit its website at http://www.novawest.com or e-mail the company at novawest@novawest.com to be added to the company's e-mail list for press releases and updates.
S.E.C.Exemption12(g)3-2(b) File No. 82-3822, Standard & Poors Listed, Dun
& Bradstreet Listed
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE SHALL NOT CONSTITUITE AN OFFER TO SELL OR THE SOLICITATION OF AN
OFFER TO BUY SECURITIES IN ANY JURISDICTION. "SAFE HARBOR" STATEMENT
UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS
RELEASE CONTAINS FORWARD LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS
AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN
For further information: Novawest Resources Inc., Suite 1000, The Marine Building, 355 Burrard Street, Vancouver, BC, V6C 2G8, Phone: (604) 683-8990 or Toll Free: 1-800-663-8990, Fax: (604) 683-8903
