- Novo Resources Corp. (NVO) has closed its previously-announced financing with Liatam
- Novo has closed the financing under which it raised gross proceeds of C$5 million through the issue of 12,820,512 units at a price of C$0.39 per unit
- All of the units were subscribed for by Liatam
- Novo Resources Corp. explores and develops its prospective land package in Australia
- Novo Resources Corp. was up 1.818 per cent, trading at $0.28 at 11:09 AM ET
Novo Resources Corp. (NVO) has closed its previously-announced financing with Liatam.
The Toronto Stock Exchange has accepted notice of the financing and conditionally approved the listing of the common shares issued under the financing.
Novo has closed the financing under which it raised gross proceeds of C$5 million through the issue of 12,820,512 units at a price of C$0.39 per unit.
All of the units were subscribed to by Liatam. The financing was conducted at a 26-per-cent premium to Novo’s closing price on December 14, 2022, and Novo’s 30-day trailing volume-weighted average price through the same date.
Each unit consists of one common share of Novo and one-quarter of one warrant. Each whole warrant entitles Liatam to purchase one additional common share of the company at a price of C$0.60 per share until December 22, 2024.
All of the securities issued and issuable in the financing are subject to a statutory hold period expiring on April 23, 2023, and an additional contractual hold period expiring on June 30, 2023.
The company will use the net proceeds from the financing primarily to fast-track exploration at its key projects, including the Becher Area, Nunyerry North and Purdy’s North, as well as for general working capital purposes.
Novo Resources Corp. explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including the Beatons Creek gold project, along with two joint ventures in the Bendigo region of Victoria, Australia.
Novo Resources Corp. was up 1.818 per cent, trading at $0.28 at 11:09 AM ET.
