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Novo Announces Closing of Sprott Lending Private Placement

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Novo Announces Closing of Sprott Lending Private Placement

 

 

 

 

 

Novo Resources Corp. (TSX-V: NVO) is pleased to announce that it has closed its previously announced private placement of units of the Company with Sprott Private Resource Lending II (Collector), LP raising gross proceeds of C$4,724,278 (approximately US$3.6 million). The Offering was undertaken in conjunction with Sprott’s US$60 million four-year loan and Novo’s acquisition of Millennium Minerals Limited (please refer to the Company’s news release dated September 8, 2020 for further details).

 

Sprott subscribed for 1,453,624 units at a price of C$3.25 per Sprott Unit. Each Sprott Unit is comprised of one common share of Novo and one-half of one transferable Share purchase warrant, with each whole Sprott Warrant entitling Sprott to acquire one Share at a price of C$4.40 until September 9, 2023. The Sprott Units and their underlying securities are subject to a statutory hold period expiring on January 10, 2021.

 

Novo intends to use the proceeds raised from the Offering for capital expenditures relating to the restart of Millennium’s infrastructure and for general working capital purposes related thereto. Conditional TSX Venture Exchange acceptance of the Offering has been obtained. The Offering remains subject to final TSX Venture Exchange acceptance.

 

About Novo Resources Corp.

 

Novo’s focus is primarily to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 13,750 square kilometres with varying ownership interests. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders.

Posted September 9, 2020

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