Noventa Limited ("Noventa" or the "Company") - Issue of Equity

TORONTO, Dec. 30 /CNW/ - Further to the Company's 'Issue of Equity' announcement of 3 September 2010 the Company is pleased to announce that it will tomorrow receive the subscription funds of £655,615.31 in relation to Tranche B (9,953,170 ordinary shares of 0.04p each in Noventa ("Ordinary Shares")) of the Additional Subscription by Compagnie Internationale de Participations Bancaires et Financieres SA, ("CIPAF") a subsidiary of General Mediterranean Holding SA. 

CIPAF will receive warrants to subscribe for 1 new ordinary 0.04p shares for every 2 shares subscribed for (the "Warrants").  The Warrants will have an exercise price of 10p and a life of two years from 3 September 2010.  The Warrants will not be traded on any exchange.

Please refer to the announcement of the 3 September 2010 for further details of and definitions in relation to the Additional Subscription.

Application has been made to the London Stock Exchange for the new Ordinary Shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence on 31 December 2010.  The new Ordinary Shares have been approved for listing on the Toronto Stock Exchange.

The following table sets out details of Significant Shareholders (as defined in the AIM Rules) of the Company, in as far as the Company is aware, following admission to trading of the Ordinary Shares issued in relation to Tranche B of the Additional Subscription. 

	Ordinary Shares held		Percentage of Ordinary Shares held
Highland African Ventures Limited #	79,373,079		15.74%
Richmond Capital LLP	42,156,000		8.36%
Panta Holdings BV	21,367,911		4.24%
Kaizan Capital LLC	26,648,900		5.28%
CIPAF	19,906,340		3.95%
JMM Trading LP	16,769,507		3.32%
Fidelity Investments Limited	15,090,100		2.99%

# Highland African Ventures Limited is owned by a trust whose trustee is Fleming Family & Partners Liechtenstein and Mr. R J Fleming is one of the potential beneficiaries. Fleming Family & Partners Liechtenstein has a total interest, including through Highland African Ventures Limited, in a total of 89,203,154 shares (17.68 per cent. of the issued shares). Mr. R J Fleming has an interest, including through Highland African Ventures Limited, in a total of 85,208,892 shares (16.89 per cent. of the issued shares). 

The following table sets out details of Director's Shareholdings (as defined in the AIM Rules) of the Company following admission to trading of the Ordinary Shares issued in relation to Tranche B of the Additional Subscription.

	Ordinary Shares held			Percentage of Ordinary Shares held
Eric Kohn TD *	6,321,528			1.25%
Kean Chung ***	5,810,441			1.15%
John Allan **	3,093,282			0.61%
Pat Lawless	680,950			0.13%
Dr Joachim Martin	396,484			0.08%
Tim Griffiths	303,986			0.06%
Guy Coltman	122,234			0.02%
Leslie Heymann	0			0.00%

* These shares are held by Barons Financial Services Limited, a company in which Mr. Kohn has a beneficial interest.

** These shares are held by Ekasure Limited, a company in which Mr. Allan has a beneficial interest

*** 5,500,000 of these shares are held by a family trust of which Mr. Chung is a potential beneficiary 

Barons Financial Services (UK) Limited, ("BFSUK") a company authorised and regulated by the Financial Services Authority acted as a placing agent on behalf of Religare Capital Markets during this fundraising, for which it will receive a net commission share of £32,780.75.  BFSUK, in which Mr. Kohn has a beneficial interest through the Swiss parent Company, is a Related Party as defined under the AIM Rules for Companies.  The independent Directors (all Directors other than Mr. Kohn), who have consulted with the Company's nominated adviser, believe the terms of the placing commission to BFSUK, to be fair and reasonable in so far as shareholders are concerned.

Following admission to trading of the Ordinary Shares issued in relation to Tranche B of the Additional Subscription, the Company will have 504,413,035 Ordinary Shares in issue and following the issue of all of the 29,859,511 Additional Subscription Shares (as defined in the Company's 'Issue of Equity' announcement of 3 September 2010) the Company will have 514,366,206 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in treasury.

For further information:

Eric F. Kohn TD
Chairman
Noventa Limited
[phone]
[phone]
www.noventa.net 

Nick Harriss/Emily Staples
Religare Capital Markets (Nomad)
[phone] 

Andrew Chubb/Kit Stephenson
Canaccord Genuity Limited (Joint Broker):
[phone]

Daniel Briggs
Religare Capital Markets (Broker)
[phone]