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NOVA CORP. OF ALBERTA ENTERS INTO UNDERWRITING AGREEMENT

 NOVA CORP. OF ALBERTA ENTERS INTO UNDERWRITING AGREEMENT
 CALGARY, Alberta, April 20 /PRNewswire/ -- NOVA Corp. of Alberta


announced today that it will enter into an underwriting agreement dated April 21, 1992, for the issuance of 42 million common shares at a price of Cdn. $7.50 per share in Canada and Europe, and at the U.S. dollar equivalent of U.S. $6.356 per share for the United States. Net proceeds to the corporation of approximately $302 million will be used to reduce non-cost-of-service debt. The offering is anticipated to commence on April 21, 1992, and closing is expected to be on April 28, 1992.
 NOVA will grant the underwriters an option at the price of Cdn. $7.50 per share to acquire up to 3 million common shares to cover over-allotments. The option will expire on May 12, 1992. If this option is fully exercised, NOVA will have issued 45 million common shares and received net proceeds of $323 million.
 A final short-form prospectus will be filed with securities regulators in Canada and a pricing amendment to the previously filed registration statement will be filed on April 21, 1992, with the U.S. Securities and Exchange Commission.
 The Canadian underwriting syndicate will be managed by RBC Dominion Securities Inc., ScotiaMcLeod Inc., and Burns Fry Ltd. The United States syndicate will be managed by Merrill Lynch & Co. and RBC Dominion Securities Corp. In Europe, the syndicate will be managed by RBC Dominion Securities International Limited and Credit Suisse First Boston Limited. RBC Dominion Securities Inc. will be global manager.
 NOVA is a widely held company operating internationally from headquarters in Calgary. NOVA builds its future on pipelines, and the manufacturing and marketing of chemicals produced primarily from Alberta natural resources.
 Copies of the final prospectus may be obtained in Canada from RBC Dominion Securities Inc., Commerce Court South, P.O. Box 21, Toronto, Ontario, M5L 1A7; ScotiaMcLeod Inc., Toronto Dominion Centre, Commercial Union Tower, Box 433, Toronto, Ontario, M5K 1M2; and Burns Fry Ltd., 1 First Canadian Place, Box 150, Toronto, Ontario, M5X 1H3; in the United States from Merrill Lynch & Co., World Financial Centre, North Tower, New York, N.Y., 10281; and RBC Dominion Securities Corp., 180 Maiden Lane, 20th Floor, New York, N.Y., 10038; and in Europe from RBC Dominion Securities International Ltd., Royal Bank of Canada Centre, 71 Queen Victoria Street, London, England, EC4 4DE; and Credit Suisse First Boston Ltd., 2A Great Titchfield Street, London, England, W1P 7AA.
 A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted in the U.S. prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 4/20/92
 /CONTACT: R.C. Milner, 403-290-7788 or; C.A. Read, 403-290-7807, both of NOVA Corp./
 (NVA.) CO: NOVA Corp. of Alberta ST: Alberta IN: OIL SU:


EH-JL -- LA039 -- 0319 04/20/92 21:19 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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