MISSISSAUGA, ONTARIO--(Marketwire - June 22, 2007) - Nuvo Research Inc. (TSX:NRI) has today entered into an agreement with a syndicate of underwriters co-led by Westwind Partners Inc. and Dundee Securities Corporation (the “Underwriters”) under which the Underwriters have agreed to buy 100,000,000 units (the “Units”) from Nuvo on a bought-deal basis and sell them to the public at a price of $0.20 per Unit, subject to the fulfillment of certain conditions. The Company has also granted to the Underwriters an over-allotment option to purchase an additional 15,000,000 Units at the same price, exercisable by the Underwriters. Each Unit consists of one common share of Nuvo and one-half of one warrant, each whole warrant being exercisable to acquire an additional common share of Nuvo at a price of $0.30 per share for 24 months.
