New Issue: Novastar Resources releases terms on $15.58 million private placement of units

By Sheri Kasprzak

New York, May 8 - Novastar Resources Ltd. has revealed the particulars on its previously announced $15,580,430.

The company issued 36,659,837 units at $0.425 each to Magnetar Capital Master Fund, Ltd., clients of Wellington Management Co., LLP, clients of Highfields Capital Management LP, clients of Cumberland Associates LLC, SF Capital Partners Ltd., Sunrise Equity Partners, LP and other institutional investors.

The units are comprised of one share and one half-share warrant, with each whole warrant exercisable for one year at $0.65.

The proceeds from the offering will be used to enhance Thorium Power, Inc.'s portfolio of intellectual property, make alliances in the nuclear sector and strengthens the company's balance sheet.

Novastar completed its merger with Thorium in February.

Based in New York, Novastar is a mineral exploration company.

Issuer:	Novastar Resources Ltd.
Issue:	Units of one share and one half-share warrant
Amount:	$15,580,430
Units:	36,659,837
Price:	$0.425
Warrants:	One half-share warrant per unit
Warrant expiration:	One year
Warrant strike price:	$0.65
Investors:	Magnetar Capital Master Fund, Ltd., clients of Wellington Management Co., LLP, clients of Highfields Capital Management LP, clients of Cumberland Associates LLC, SF Capital Partners Ltd., Sunrise Equity Partners, LP, other institutional investors
Settlement date:	May 4
Stock symbol:	OTCBB: NVAS
Stock price:	$0.65 at close May 4

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