DGAP-News

Minnova Corp. Announces Closing of Second and Final Tranche of Previously Announced Private Placement For Gross Proceeds of $1,136,375

DGAP-News: Minnova Corp. / Key word(s): Miscellaneous
Minnova Corp. Announces Closing of Second and Final Tranche of Previously
Announced Private Placement For Gross Proceeds of $1,136,375

02.12.2016 / 22:18
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------


Toronto, Ontario--(Newsfile Corp. - December 2, 2016) - Minnova Corp.
(TSXV: MCI) ('Minnova' or the 'Company'), an advanced-stage mining
exploration and development company focused on the advancement and re-start
of its 100% owned PL Mine in central Manitoba, announces today, further to
its press releases dated September 21, 2016, October 25, 2016, and November
18, 2016, that it has closed the second and final tranche ('Second
Tranche') of its previously announced brokered (the 'Brokered Offering')
and non-brokered (the 'Non-Brokered Offering') private placement raising
additional aggregate gross proceeds of $1,136,375. The Brokered Offering
and the Non-Brokered Offering are collectively referred to as the
'Offering'.

Pursuant to the Second Tranche of the Brokered Offering co-led by Mackie
Research Capital Corporation and Industrial Alliance Securities Inc.
(together, the 'Agents'), the Company issued 626,500 flow-through units
(each, a 'Flow-Through Unit') at a price of $0.85 per Flow-Through Unit for
gross proceeds of $532,525, and 774,000 units (each, a 'Unit') at a price
of $0.65 per Unit for gross proceeds of $503,100.

Each Flow-Through Unit consists of one common share of the Company (each, a
'Common Share') issued on a flow-through basis and one-half of a Common
Share purchase warrant (each, a 'Warrant'). Each whole Warrant shall
entitle the holder to purchase one Common Share at an exercise price of
$0.85 until June 2, 2019. Each Unit consists of one Common Share and
one-half of one Warrant.

In consideration for their services in connection with the Brokered
Offering, the Agents received a cash commission equal to 6.0% of the gross
proceeds of the Second Tranche of the Brokered Offering and were issued
84,030 broker warrants (the 'Broker Warrants'). Each Broker Warrant is
exercisable for one Unit for at a price of $0.65 per Unit until June 2,
2019.

Pursuant to the Second Tranche of the Non-Brokered Offering, the Company
issued 155,000 Units at a price of $0.65 per Unit for gross proceeds of
$100,750.

The aggregate gross proceeds raised by the Company pursuant to both
tranches of the Offering was $4,471,125.