DGAP-News

Minnova Corp. Provides Update to Shares for Debt Announcement

DGAP-News: Minnova Corp. / Key word(s): Miscellaneous
Minnova Corp. Provides Update to Shares for Debt Announcement

21.10.2016 / 23:00
The issuer is solely responsible for the content of this announcement.

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Toronto, Ontario--(Newsfile Corp. - October 21, 2016) - Minnova Corp.
(TSXV: MCI) ('Minnova' or the 'Company') wishes to provide an update on its
previously announced shares for debt transaction, further to its news
release dated September 21, 2016.

The Company has agreed to settle up to an aggregate of $350,000 in debt
with arm's length and non-arm's length parties. Of this amount, $217,559.91
of the indebtedness relates to the provision of management and director
consulting services and fees for an aggregate of up to 271,949 common
shares, at a deemed price of $0.80 per common share, which will be issued
to the Company's CEO in full or partial settlement, as the case may be, of
the outstanding indebtedness.

The issue of the common shares in connection with the debt settlement
remains subject to the approval of the TSX Venture Exchange, and in the
case of the Company's CEO, subject to receiving disinterested shareholder
approval, which the Company will be seeking at the upcoming annual and
special meeting of the shareholders of the Company to be scheduled on or
around February 28, 2017.

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 [e-mail] [email: [e-mail]]

Visit our website at www.minnovacorp.ca

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 sufficient
capital. As a consequence, actual results may differ materially from those
anticipated in the forward looking statements. A feasibility study has not
been completed and there is no certainty the disclosed targets will be
achieved nor that the proposed operations will be economically viable.
Although Minnova has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be 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.


Click on, or paste the following link into your web browser, to view
the associated documents

http://www.newsfilecorp.com/release/23154

News Source: Newsfile


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21.10.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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Language: English
Company: Minnova Corp.


Canada
ISIN: CA6042501008


End of News DGAP News Service
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513719 21.10.2016