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  • Novo Resources (TSX:NVO) has announced a $22 million private placement and has appointed Clarus Securities and Stifel GMP as co-leads
  • The proceeds will be used to fund new exploration, to continue the development of the Beatons Creek gold project, and for general corporate working capital purposes
  • Novo Resources engaged in the business of evaluating, acquiring, and exploring natural resource properties with a focus on gold
  • Novo Resources (NVO) is down 14.74 per cent and is trading at $2.43 per share

Novo Resources (TSX:NVO) has announced a $22 million private placement.

The company has appointed Clarus Securities and Stifel GMP as co-leads on behalf of a syndicate of agents.

To fund the private placement, Novo will issue special warrants at $2.55 per warrant.

Each special warrant will be convertible into one unit of the company, each of which consists of one common share and half of one purchase warrant.

Each whole common share purchase warrant will be exercisable at $3.00 per warrant share for three years after the closing of the transaction.

The private placement is scheduled to close May 4, 2021 and is subject to completion of formal documentation and the approval of the TSX.

The proceeds from the offering will be used to fund new exploration efforts in the Pilbara region of Western Australia, to continue the development of the Beatons Creek gold project, and for general corporate working capital purposes.

Novo has granted the agents an option to arrange for the sale of an additional 20 per cent of the special warrants until 48 hours prior to the closing date.

Novo Resources engaged in the business of evaluating, acquiring, and exploring natural resource properties with a focus on gold.

The company is commissioning its flagship Beatons Creek gold project while exploring and developing its highly prospective land package in the Pilbara region of Western Australia.

Novo Resources (NVO) is down 14.74 per cent and is trading at $2.43 per share as of 4:00 pm ET.

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