NovaDx Ventures Corp announced that it expects to receive CAD 25 million in funding from Sandstorm Metals & Energy Ltd.
On October 12, 2012, the company finalized the terms of the transaction. Each special warrant will entitle the holder to acquire, without payment of additional consideration, one unit consisting of one post-consolidated common share and one-half of one share purchase warrant, on the date which is the earlier of the fifth business day following the issuance of a receipt for a final prospectus qualifying the distribution of the units and the date which is four months and one day after issuance of the warrants. Each whole share purchase warrant shall entitle the holder thereof to acquire an additional post-consolidated common share at an exercise price of CAD 0.65 per post-consolidated common share for a period of five years from the date of the issuance. The company will pay the agent a fee equal to 6% of the aggregate cash proceeds and warrants to purchase common shares equal to 6% of the aggregate number of special warrants sold. Each agent warrant shall be exercisable at a price of CAD 0.50 per post-consolidation common share for a period of 24 months.