FLEMINGTON, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (NYSE AMEX: NVD) received approval from the NYSE AMEX on July 16, 2009 to issue up to 12.0 million shares over the next twelve (12) months. On July 17, 2009, NovaDel executed the initial closing with Seaside 88, LP receiving gross proceeds of approximately $114,000 upon the issuance of 500,000 shares at a price of $0.23 per share. This was the initial closing under the terms of the purchase agreement with Seaside, pursuant to which Seaside committed to purchase NovaDel common shares, in a series of closings every two weeks in the amount of 500,000 shares each for a total of up to 26 purchases.
