VANCOUVER, Feb. 29 - Novawest Resources Inc. (TSXV - "NVE"; Frankfurt - "NWN"), and its Board of Directors are pleased to announce that the Pro Minerals Inc. IPO ("INITIAL PUBLIC OFFERING") is now closed. Pro Minerals has successfully undertaken a listing on the TSX-V Exchange and will begin trading on March 5, 2008. The IPO closed for gross proceeds of $750,000 consisting of 3,000,000 units. Each unit is comprised of one common share of the Company and one half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional share of the Company for a period of 18 months from the date of closing, at a price of $0.35 per warrant if exercised in the first 12 months and at $0.50 per warrant if exercised thereafter. Novawest Resources Inc. has invested by way of subscription a total of $598,000 for 2,392,000 units of Pro Minerals Inc. Novawest's previously announced Plan of Arrangement has now been finalized. Novawest will distribute one common share of Pro Minerals for every five Novawest shares held by Novawest shareholders and one common share purchase warrant of Pro Minerals for every five Novawest warrants held by Novawest warrant holders.
ON BEHALF OF THE BOARD OF DIRECTORS OF NOVAWEST RESOURCES INC.
"Patrick D. O'Brien"
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Patrick D. O'Brien - Chairman
Novawest invites the public to visit its "NEW" 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 CONSTITUTE 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
Contacts
Suite 1600
The Bower Building
543 Granville Street
Vancouver
British Columbia
Canada
V6C 1X8
Tel: (604) 683-8990
Toll-Free: 1-800-663-8990
Fax: (604) 683-8903
www.novawest.com
novawest@novawest.com
