VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 11/09/12 — Super Nova Minerals Corp. (CNSX: SNP) (the „Company“, or „Super Nova“) announces the Company is arranging for a private placement of units of up to a $1,500,000 aggregate principal amount of convertible debentures („Debenture“). The Debenture will be for a three year term and bears a coupon rate of 10% per annum. The principal amount of the Debenture is convertible any time before maturity into common shares of the Company at $0.25 per share, and the interest of the Debenture will be payable at each anniversary date of the closing and upon conversion. After the Debenture remains outstanding for two years, the Company has the right to early retire the Debenture through either cash redemption or accelerating the conversion by delivering notice to the holders of the Debenture.
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 the development expenditures on the Company-s oil project, Morris Block in the Big Horn Basin of Montana.
The Company will conduct what is called a Huff and Puff on the Bauwens 15-13 discovery well on the Morris block. This procedure is to inject high pressure steam into the well and thereby mobilize the heavy oil within the formation. This will determine the flow rate of the well (barrels of oil per day) and the lift costs, (cost of producing a barrel of oil). Once these two factors are determined the Company will make a decision on installing a 5 spot on the Morris Block 500 meters updip from the Bauwens 15-13 well. A 5 spot is an injector well and 4 producing wells on 40 acre spacing of the Morris Block. The Bauwens 15-13 well will then be drilled further to the Devonian formation to supply water for the 5 spots on the property.
The Company will also drill a well on the Cottonwood Creek Property northwest of the Morris Block to twin a well that was drilled in 1983 and intercepted a pay zone of 29ft. containing 100% oil saturation.
The Company has an option to earn 85% working interest to payout declining to 50% working interest after payout on the 1922 acre Morris Block and the 2460 acre Cottonwood Creek Block. The two parcels on the Elk Hills Project are within 40 km of Billings Montana, close to 3 refineries accepting heavy oil, 7 km from a gas pipeline and 10 km. from an oil pipeline.
This news release has been reviewed by Barry Whelan, P.Geo., the Qualified Person for the Elk Hills project.
Corporate Presentation Video (3 minutes):
Company Website:
On behalf of the Board of Directors:
SUPER NOVA MINERALS CORP.
Wolf Wiese, President/Chief Executive Officer
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. 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.
NEITHER CNSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF CNSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Super Nova Minerals Corp. Investor Relations 604-221-8936 604-336-1490 (FAX)
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