The Prospector News

Novo Completes First Tranche of New Found Gold Sale for C$68.9 Million

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Novo Completes First Tranche of New Found Gold Sale for C$68.9 Million

 

 

 

 

 

Novo Resources Corp. (TSX: NVO) (NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that it has closed the first tranche of its previously announced sale of 15 million shares of New Found Gold Corp. A total of 8.25 million New Found shares have been transferred to a corporation controlled by Eric Sprott at C$8.35 per share for gross proceeds of approximately C$68.9 million1.

 

The second tranche of the Transaction, consisting of 6.75 million New Found shares at C$8.45 per share for gross proceeds of approximately C$57.0 million, is scheduled to close on August 5, 2022. The New Found shares representing Tranche 2 are subject to escrow provisions. The consent of the TSX Venture Exchange, on which New Found’s common shares trade, to the transfer of the Tranche 2 shares within escrow has been obtained.

 

Novo’s cash position is currently approximately C$91 million. Net funding from the Transaction will be used to provide Novo with the flexibility to aggressively advance exploration efforts across the Pilbara and Victoria, while expediting a Feasibility Study on the Fresh component of the Company’s Beatons Creek project in Nullagine, Western Australia2.

 

ABOUT NOVO

 

Novo operates its flagship Beatons Creek project while exploring and developing its prospective land package covering approximately 12,500 square kilometres in the Pilbara region of Western Australia. 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 April 28, 2022

Share this news article

MORE or "UNCATEGORIZED"


Heliostar Presents Q2 2026 Financial and Operating Results with Record Gold Production and Cash Balance

Q2 2026 Highlights: Produced a record 14,803 gold ounces and 79,7... READ MORE

August 7, 2026

Galiano Gold Reports Second Quarter 2026 Results

Maintains Full-Year 2026 Guidance and Advances Key Growth Priorit... READ MORE

August 7, 2026

Lundin Gold Reports Second Quarter 2026 Results

Strong Quarterly Earnings and Continued Significant Shareholder R... READ MORE

August 7, 2026

Perpetua Resources Reports New High-Grade Gold and Antimony Discoveries and a New Gold-Tungsten Zone at Stibnite

First exploratory drilling in nearly a decade at Perpetua’s... READ MORE

August 7, 2026

Torex Gold Reports Q2 2026 Results

Strong free cash flow and 46% AISC margin support continued capit... READ MORE

August 7, 2026

Copyright 2026 The Prospector News