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Novo has completed the first tranche of the newly discovered gold sale in the Canadian business journal C $ 68.9 million.

Vancouver, British Columbia, April 27, 2022 (GLOBE NEWSWIRE) — Novo Resources Corp. ((((“Novo” or “society”(TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) announces that it has completed the first tranche of the previously announced sale of 15 million shares (“transaction”) New Found Gold Corp. (“)Newly found“). A total of 8.25 million new shares were transferred to a company managed by Eric Sprott for $ 8.35 per share, bringing the total revenue to approximately C $ 68.9 million.1..

The second tranche of the transaction will consist of 6.75 million newly discovered shares of C $ 8.45 per share, with total revenue of approximately C $ 57.0 million and will end on August 5, 2022 (“Tranche 2“). Newly discovered shares representing Tranche 2 are subject to the escrow clause. Consent was obtained for the transfer of Tranche 2 shares within the escrow of the TSX Venture Exchange, where New Found’s common stock is traded.

Novo’s cash position is currently approximately C $ 91 million.Net funding from the transaction provides Novo with the flexibility to actively pursue exploration efforts across Pilbara and Victoria while facilitating feasibility studies on the fresh components of the company’s Beats Creek project in Nullagine, Western Australia. Used to2..

About NOVO

Novo operates the flagship Beatons Creek project while investigating and developing future land packages covering approximately 12,500 square kilometers in the Pilbara region of Western Australia. In addition to our main focus, Novo seeks to leverage its in-house geological expertise to provide value-added opportunities to shareholders. For more information, please contact Leo Karabelas ((416) 543-3120) or email. [email protected]..

On behalf of the board of directors

Novo Resources Corp.

“”Michael Spreadborough

Michael Spreadborough

Vice Chairman and Deputy Chief Executive Officer

Information about future prospects

Some statements in this news release include that Tranche 2 will be settled on August 5, 2022, and that the funds generated from the transaction will be sent to Novo regarding the Fresh component of the company’s Beatons Creek project in Nullagine, Western Australia. Active exploration activities throughout Pilbara and Victoria while facilitating feasibility studies. These statements address future events and circumstances, so known and unknown risks, uncertainties, and future outcomes in which actual results, performances, or outcomes are expressed or implied by the statements. Includes, performance, or other factors that may differ materially from outcomes. .. Such factors are identified in the completion by the parties to their respective obligations under Tranche 2, the customary risks of the resource industry, and the discussion and analysis of Novo’s management for the year ended 31 December 2021. Includes risk factors. Novo’s profile of SEDAR at www.sedar.com. Forward-looking statements are only stated as of the date on which they were made. Except as required by applicable law, Novo may influence actual results, future events or developments, changes in assumptions, or other factors that affect forward-looking statements. If Novo updates forward-looking statements, we should not draw inferences that we will make additional updates to those or other forward-looking statements.


1 See company news releases for dates April 12, 2022..
2 See company news releases for dates April 7, 2022..


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Novo has completed the first tranche of the newly discovered gold sale in the Canadian business journal C $ 68.9 million.

Source link Novo has completed the first tranche of the newly discovered gold sale in the Canadian business journal C $ 68.9 million.

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