7 mil float? Not for long. On an 8-K
On March 30, 2006, Nova Oil, Inc., a Nevada corporation (``Nova Oil`` or the ``Company``), entered into a share exchange agreement (the ``Share Exchange Agreement``) with Biosource America, Inc., a Texas corporation (``Biosource America``), and holders of shares of capital stock of Biosource America (collectively the ``Biosource Stockholders``). Pursuant to the Share Exchange Agreement, at closing, each Biosource Stockholder will exchange three shares of common stock of Biosource America for two shares of common stock of Nova Oil (the ``Share Exchange``). The Share Exchange is expected to close on March 31, 2006 and, as a result, Nova Oil will issue 40,000,000 shares of its common stock in the aggregate and Biosource America will become a subsidiary of Nova Oil. As of March 30, 2006, Nova Oil had 6,925,000 shares of common stock issued and outstanding. Under the terms of the Share Exchange Agreement, the board of directors of Nova Oil declared a three-for-two forward stock split (to be effected as a 50% stock dividend) payable on April 24, 2006 to holders of record as of April 10, 2006. After the Share Exchange and the stock split, it is anticipated that the Company will have approximately 70,387,500 shares of common stock issued and outstanding.