Press release Communiqué de presse

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Press release Communiqué de presse

May 14, 2015 14 May, 2015



Vancouver, BC, May 15, 2015 – SERNOVA CORP. (the “Company”) (TSX-V / SVA) announces that, further to its news release of May 8, 2015, it has completed a non-brokered private placement of 8,888,889 units (the “Units”) at $0.18 per unit for gross proceeds of $1,600,000.

“We are pleased with the very strong interest from investors in Sernova’s future in the regenerative medicine space as indicated by the oversubscription of the private placement,” said Dr. Philip Toleikis, President and CEO of Sernova.

Net proceeds from the private placement will be used to fund Sernova's regenerative medicine clinical program and collaborations utilizing the Company’s platform technology to treat diabetes and other serious disease conditions, as well as for general corporate purposes.

Each Unit issued in the private placement consisted of one common share and one common share purchase warrant, with each warrant exercisable into one share at a price of $0.30 per share for a 24 month exercise period, subject to abridgement of the exercise period (after the expiry of the 4 month hold period) on 30 days notice to holders in the event that the twenty-day volume weighted price of the shares exceeds $0.50. Further, in respect of a portion of the private placement, the Company compensated finders by way of cash commissions of $26,451.18 and 137,151 non-transferable finder warrants, each such finder warrant having the same terms as the Unit warrants.

All securities issued in connection with the private placement will be subject to a statutory hold period of four months. This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act of 1933 and all applicable state securities laws, or an applicable exemption from registration requirements.

Appointment of CFO

Sernova is also pleased to announce that Ralph Deiterding, CPA, CA, CMA has joined the Company as its Chief Financial Officer. Mr. Deiterding is a finance veteran with over 20 years of experience, primarily in senior finance roles at Toronto Stock Exchange listed software vendors. Prior to joining Sernova, Mr. Deiterding was Director of Finance & Accounting at Lexington Park Real Estate Capital Inc., a real estate asset management firm. Previously, he held the positions of Corporate Controller for MKS Inc. and Controller at Workbrain Corporation, both software vendors listed on the Toronto Stock Exchange. While at Workbrain, he was an instrumental member of the team that completed the company’s C$40 million Initial Public Offering. While at MKS, he was highly involved in the transition when the company was acquired by Parametric Technology Corporation, a NASDAQ listed software vendor, for C$292 million.

“We are delighted to have Mr. Deiterding on board as Sernova’s CFO,” stated Dr. Philip Toleikis, President and CEO of Sernova. “Given his expertise with Toronto Stock Exchange listed companies as well as his extensive experience with successful public market transactions, we are confident that he will make a great contribution to Sernova.”

Sernova wishes to thank Mr. David Garland, the outgoing interim CFO, for his outstanding service to the Company.

About Sernova

Sernova Corp is a clinical stage regenerative medicine company developing medical technologies for the treatment of chronic debilitating metabolic diseases such as diabetes, blood disorders including hemophilia and other diseases treated through replacement of proteins or hormones missing or in short supply within the body. Sernova is developing the Cell Pouch(TM), an implantable medical device for therapeutic cells (donor, xenogeneic or stem cells). The therapeutic cells are protected from immune attack by Sernova's proprietary local immune protection technology.

Forward-Looking Information

This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Sernova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Sernova's management on the date such statements were made. Sernova expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Further Information Contact:

Philip Toleikis, Ph.D., President and CEO Tel: (604) 961-2939

Ray Matthews & Associates Suite 601-128 West Cordova Street, Vancouver, BC V6B 0E6 Tel: (604) 818-7778