Sernova Corp.: Closing of $420,000 Private Placement

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Mon Jun 1, 2009 5:30pm EDT 

  LONDON, ONTARIO, Jun 01 (MARKET WIRE) -- 
Sernova Corp. (TSX VENTURE: SVA)

    Sernova Corp. announces the closing of its private placement of
14,000,000 common shares at $0.03 per common share for gross proceeds of
$420,000. The shares are subject to a hold period of four months,
expiring on September 29, 2009. An agent's fee of $21,104 has been paid
to Blackmont Capital Inc., along with 703,467 warrants with a two year
term, exercisable into one common share per warrant at an exercise price
of $0.05 in the first year and $0.10 in the second year.

    "The proceeds of the private placement will be used to advance the
development of Sernova's proprietary treatment for insulin-dependent
diabetes," said Dr. Philip Toleikis, President and CEO of Sernova Corp.

    About Sernova

    Sernova Corp. is a Canadian-based, health-sciences company focused on
commercializing medical technologies. Sernova is currently developing a
platform technology for a number of serious disease indications, starting
with a novel treatment for insulin-dependent diabetes, using its patented
Sertolin cell technology. According to the American Diabetes Association
approximately 9 million Americans require insulin injections and it is
the sixth leading cause of death in the United States. One out of every 8
dollars spent on health care in the United States is spent on treating
diabetes and its complications. Worldwide expenditures on insulin alone
are estimated to be $15 billion annually and growing.

    This news release may contain forward-looking statements. Forward-looking
statements address future events and conditions and therefore involve
inherent risks and uncertainties. Actual results may differ materially
from those currently anticipated in such statements.


 
 THE TSX VENTURE
EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contacts:
Sernova Corp.
Craig Gauld
Executive Vice President
(888) 318-7062 or (519) 858-5126
info@sernova.com
www.sernova.com

Copyright 2009, Market Wire, All rights reserved.

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