Novadx Ventures Corp, President & CEO, Neil MacDonald, reports:
(Vancouver, BC, December 1, 2010) Novadx Ventures Corp. (“Novadx” or the “Company”) – (TSX-V: NDX) announces it has decided not to continue its Exempt Market Dealer registration in Ontario in order to focus all efforts on expanding its presence in the coal industry.
Neil MacDonald, President and CEO of Novadx, commented, “Our current principal objectives are to provide shareholders with long-term growth through building a base of sustainable cash flow and earnings from MCoal’s operations and to grow the business of MCoal both organically and through strategic acquisition. With the recent financing announcement from Sandstorm Metals and Energy we look forward to expanding our production of metallurgical coal at the Rosa Coal Mine, completing the acquisition and commissioning of the Rex No. 1 Mine, completing the acquisition of the Ikerd Flatwoods Mine and related assets and completing exploration of the Dade Coal project in the coming months. We will continue to devote the majority of our resources to growing MCoal’s business with the goal of increasing production and reserves/resources of high quality coal.”
In connection with the surrender of the Company's Exempt Market Dealer registration, the Company also announced that Vanessa Dircks has resigned as Chief Compliance Officer of the Company. Neil MacDonald commented "On behalf of the Board and Management, I would like to thank Vanessa for her hard work and dedication as an officer of this Company."
The Company has also agreed to grant options to purchase an aggregate of 1,425,000 common shares to directors, officers, employees and consultants of the Company. The options can be exercised at
.30 per common share for a period of five years from the date of the grant.