Innova Exploration Ltd. is pleased to announce the closing of its equity financing that was previously announced on October 6, 2005. Innova has issued 4,268,300 common shares at a price of $8.20 per common share for total gross proceeds of $35,000,060. The proceeds of the issue will be used to fund ongoing exploration and development activities of Innova and for general corporate purposes, including the repayment of debt. The offering was completed through a syndicate of underwriters led by Blackmont Capital Inc. and BMO Nesbitt Burns Inc. an investment and corporate banking practice of BMO Financial Group. Also including Jennings Capital Inc., National Bank Financial Inc., Octagon Capital Corporation, Tristone Capital Inc. and Acumen Capital Finance Partners Limited.