Minnova Announces Closing of Non-Brokered Private Placement
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
Minnova Announces Closing of Non-Brokered Private Placement
NOT FOR DISSEMINATION INTO THE UNITED STATES
August 23, 2022, Toronto, Ontario – Minnova Corp. (TSXV: M CI, OTC Pink : AGRDF,
"Minnova" or the "Company") announces that further to its press release of July 20, 2022 and
August 17, 2022 , the Company has closed the final tranche of its previously announced non -
brokered private placement, through the issuance of 8,000,000 units (each, a "Unit") at a price of
$0.035 per Unit for gross proceeds of $280,000 (the "Offering").
Each Unit is comprised of one common share in the capital of the Company (each, a "Common
Share") and one -half of one whole Common Share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant shall entitle the holder thereof to purchase one Common Share at a
price of CDN$0.07 per Common Share until August 23, 2024 (the "Warrant Term") provided, that
in the event the closing price at which the Common Shares trade on the TSX Venture Exchange
(or any such other stock exchange in Canada as the Common Shares may trade at the applicable
time) exceed CDN$0.15 for 20 consecutive trading days at any time following December 24, 2022,
the Company may accelerate the Warrant Term (the "Reduced Warrant Term") such that the
Warrants shall expire on the date which is 30 business days following the date a press release is
issued by the Company announcing the Reduced Warrant Term.
In connection with the Offering, the Company paid certain eligible persons (each, a "Finder"): (i)
a cash commission in the aggregate of $19,600; and (ii) an aggregate of 560,000 broker warrants
(each, a "Broker Warrant"). Each Broker Warrant is exercisable into Common Shares at a price
of $0.10 per Common Share until August 23, 2024.
All securities issued pursuant to the Offering will be subject to a statutory hold period of four
months plus a day from the date of issuance in accordance with applicable securities legislation.
The closing of the Offering is subject to certain conditions including, but not limited to, the receipt
of all necessary regulatory and other approvals, including the approval of the TSX Venture
Exchange.
“In addition to closing this round of financing w e are also pleased to announce that we have
initiated discussions with logging companies and state actors active in Africa interested in possible
strategic development of our 3rd generation biomass gasification technology.” said Gorden Glenn,
President and CEO of Minnova Corp. “The equatorial forests of central and north Africa (natural
forests and plantations) represent key national assets and legal and regulated timber and logging
industries are an important contributor to national economies. Many logging operations and rural
communities are reliant on small gasoline and diesel generators or have no consistent power
supply all. Our initial discussions are focused on providing renewable, base load electrical power,
utilizing harvest residues (branches, bark s, stumps, etc.) . This gasification application, would
prioritize renewable power generation and green hydrogen would be a secondary revenue
stream. That said its future regional market potential is viewed very positively by state actors and
international agencies focused on mitigating climate change through increased use of renewable
energy. We intend to work closely with local and national governments, international development
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
and climate change mitigation partners, and the communities themselves to enhance sustainable
forest management practices that will reduce uncontrolled deforestation . We hope to advance
current discussion s to formal Letter of Intent (s) or Memorandum of Understanding(s) in the
coming weeks as we continue to our global growth and development efforts.”
About Minnova Corp.
Minnova Corp. is an emerging Canadian gold producer with a focus on incorporating clean energy
into the restart plan for the PL Gold Mine. In addition to expanding gold resources on its PL and
Nokomis gold deposits the Company established a wholly owned subsidiary, Minnova Renewable
Energy, which is targeting green hydrogen production. The Company has completed a Positive
Feasibility Study in support of restarting the PL Mine at an average annual production rate of
46,493 ounces over a minimum 5 -year mine life. The resource remains open to expansion and
future surface exploration work programs will target resource expansion. The PL Gold Mine has
a short pre-production timeline forecast at 15 months, benefits from a valid underground mining
permit (Environment Act 1207E), an existing 1000 tpd processing plant, over 7,000 meters of
developed underground ramp to -135 metres depth, is fully road accessible and close to existing
mining infrastructure in the prolific Flin Flon Greenstone Belt of Central Manitoba. Minnova
announced an exclusive agreement to acquire up to 100% of the outstanding share capital of
DUMA Engineering (2018) Inc. (“DUMA”) on December 13, 2022. The acquisition price will consist
of; a) an initial payment of C$100,000 for a 50% interest and b) a final payment to be determined
following the completion of satisfactory due diligence and the filing of ce rtain patents related to
their innovative gasification technology. The closing of the acquisition of DUMA is subject to
several conditions including the satisfactory completion of due diligence, receipt of all regulatory
approvals and is expected to be concluded by the end of Q2/2022.
For more information please contact:
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
For further information, please contact Investor Relations at 647-985-2785 or
Visit our website at www. minnovacorp.ca and follow us on social media (twitter: @MinnovaCEO
and Instagram: minnovacorp)
Forward Looking Statements
This news release contains "forward-looking information " within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to, information regarding the Company including management’s
assessment of future plans and operations, that may involve risks associated with mining exploration and development, volatility
of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and
services, competition from other companies and ability to access suffici ent capital. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements. Although Minnova has attempted to identify important
factors that could cause actual results to differ materially from those cont ained in forward -looking information, there may be
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information
will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. Minnova does not undertake to update any
forward-looking information, except in accordance with applicable securities laws.
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.