Novo Resources Corp. (“Novo” or the “Company”)
(TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to
provide an update in relation to the Company’s planned ASX listing
and IPO.
Novo Executive Co-Chairman and Acting CEO Mike
Spreadborough said a TSX/ASX dual listing is a logical progression
for the Company due to historical investor appetite for exploration
companies with Australian projects and will provide an excellent
platform for the next phase of exploration.
“We are very excited to be taking the next step
in our strategic growth plans and make the move to seek a dual
listing on the ASX. We are confident that listing on the ASX will
be very beneficial for Novo and our shareholders, as we look to
increase liquidity, engage additional institutional investment and
equity research coverage, access potential new sources of equity
and enhance our profile across a broader mix of stakeholder
groups.”
Novo is a greenfields gold explorer with a
significant portfolio of tenements in the Pilbara region of Western
Australia (covering approximately 10,500 square km), including the
Company’s flagship Becher gold project located within the Egina
Gold Camp, and in the Bendigo region of Victoria at the Belltopper
project. Novo is engaged primarily in the business of evaluating,
acquiring, and exploring natural resource properties with a focus
on gold.
The Company has today (August 2, 2023) lodged a
Prospectus with ASIC seeking to raise A$4.0 million (approximately
C$3.5 million) through the issue of 20 million CDIs at an offer
price of A$0.20 (approximately C$0.18) per CDI, with the ability to
accept over-subscriptions to raise an additional A$3.5 million
(approximately C$3.1 million) through the issue of an additional
17.5 million CDIs (the “Offering”) to support an
application to dual list on the ASX through an IPO of CDIs. One
common Share of Novo underlies each CDI. The Offering is scheduled
to formally open on August 10, 2023 and is expected to close on
September 1, 20236. The Offering will not be made in Canada or to a
resident of Canada.
Argonaut is acting as financial adviser and
broker to the IPO.
Novo intends to use its existing cash reserves
combined with funds raised from the Offering to fund exploration at
the Company’s Egina Gold Camp including commencement of drilling at
its exciting Nunyerry North project, the Balla project, the
Belltopper project, and for Pilbara-wide reconnaissance, as well as
general working capital and current corporate commitments. Refer to
the Company’s Prospectus which will be available at
www.novoresources.com and on the Company’s SEDAR+ profile at
www.sedarplus.ca for further details of the Company’s objectives7.
The Offering is conditional on Novo raising its minimum
subscription (A$4.0 million, before costs) and ASX approving the
Company’s application for admission to the official list of the
ASX5.
Novo recently completed a significant earn-in
and joint venture agreement with major ASX-listed Western
Australian gold developer De Grey for the Company’s Becher Gold
Project and the adjacent tenements within the Egina Gold Camp, with
the resultant joint venture to be known as the Egina JV1.
De Grey has been granted the right to earn a 50%
interest in the Egina JV by spending up to A$25 million on
exploration over four years.
De Grey is managing all exploration under the
earn-in and will become the manager of the Egina JV once
established. De Grey understands the area, geology and what is
required to make a major discovery within the region, highlighted
by their 11.7 Moz Mallina Gold Project2, which sits only ~28km WSW
of Becher.
In June 2023, De Grey completed its cornerstone
investment in Novo of A$10 million (approximately C$8.97 million)
for 35,223,670 common shares of Novo issued at a price of
approximately C$0.255 per share, representing an undiluted 11.6%
post-financing position in Novo1.
Completion of the cornerstone investment by De
Grey underpins Novo’s exciting exploration portfolio and growth
strategy, as the Company focuses on seeking to discover standalone
gold projects with material development potential.
2023 ANNUAL GENERAL MEETING
As a result of the IPO timeframe, the Company
has sought and obtained approval from the TSX to defer its annual
general meeting (“AGM”) to no later than October
31, 2023. The Company will provide an update on the timing of its
AGM in due course.
ABOUT NOVO
Novo explores and develops its prospective land
package covering approximately 10,500 square kilometres in the
Pilbara region of Western Australia, along with the 22 square
kilometre Belltopper project in the Bendigo Tectonic Zone of
Victoria, Australia. In addition to the Company’s primary focus,
Novo seeks to leverage its internal geological expertise to deliver
value-accretive opportunities to its stakeholders.
CONTACT
Investors:Mike Spreadborough +61 419 329 987
mike.spreadborough@novoresources.com |
North American Queries:Leo Karabelas+1 416 543
3120leo@novoresources.com |
Media:Cameron Gilenko+61 466 984
953cgilenko@citadelmagnus.com |
|
On Behalf of the Board of Directors,
Novo Resources Corp.“Michael
Spreadborough”Michael SpreadboroughExecutive Co-Chairman and Acting
CEO
FORWARD-LOOKING INFORMATION
Some statements in this news release contain
forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, that the
board believes that listing on ASX will enhance the profile of Novo
across a broader range of stakeholders, increase liquidity and
access potential new sources of equity, and engage and attract
institutional investment and equity research coverage, that Novo
intends to maintain its TSX and OTCQX listings, the terms and
timing of the IPO, and that IPO funds are expected to support the
Company’s exploration strategy. These statements address future
events and conditions and, as such, involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the statements. Such factors include, without
limitation, customary risks of the resource industry and the risk
factors identified in Novo’s annual information form for the year
ended December 31, 2022, which is available under Novo’s profile on
SEDAR+ at www.sedarplus.ca. Forward-looking statements speak only
as of the date those statements are made. Except as required by
applicable law, Novo assumes no obligation to update or to publicly
announce the results of any change to any forward-looking statement
contained or incorporated by reference herein to reflect actual
results, future events or developments, changes in assumptions or
changes in other factors affecting the forward-looking statements.
If Novo updates any forward-looking statement(s), no inference
should be drawn that the Company will make additional updates with
respect to those or other forward-looking statements.
FOOTNOTES
1 Refer to the Company’s news releases dated
June 21, 2023 and June and June 28, 2023.
2 De Grey has reported that its Hemi deposit at
the Mallina Gold Project is comprised of Measured Mineral Resources
of 4.7 Mt @ 1.7 g/t Au for 265 koz Au, Indicated Mineral Resources
of 184.1 Mt @ 1.3 g/t Au for 7,798 koz Au, and Inferred Mineral
Resources of 89.2 Mt @ 1.3 g/t Au for 3,684 koz Au, as those
categories are defined in the JORC Code (as defined in NI 43-101).
Refer to De Grey’s public disclosure record for further details.
No assurance can be given that a similar or any mineral
resource estimate will be determined at Novo’s Becher
Project.
3 The Offering is subject to a minimum
subscription of A$4 million (being 20 million CDIs) and is not
underwritten.
4 These dates are indicative only and may change
without notice.
5 There is no guarantee that the Company will
list on ASX or be granted approval to do so.
6 These dates are indicative only and may change
without notice.
7 Jurisdictional and other restrictions may
apply.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5fb2c7b0-c06a-451b-b0ea-55c68ad86c2d
Novo Resources (TSX:NVO)
過去 株価チャート
から 5 2024 まで 6 2024
Novo Resources (TSX:NVO)
過去 株価チャート
から 6 2023 まで 6 2024