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.
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.
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