- Novo Resources (NVO) has completed the first tranche of its 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 for gross proceeds of approximately C$68.9 million
- The second tranche of the transaction, consisting of 6.75 million New Found shares for gross proceeds of approximately C$57.0 million is scheduled to close on August 5, 2022
- Novo Resources is a gold producer focused on exploring and developing its prospective land package in Western Australia
- Novo Resources Corp. (NVO) opened trading at $0.85 per share
Novo Resources (NVO) has completed the first tranche of its 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 for gross proceeds of approximately C$68.9 million.
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.
Net funding from the transaction will be used to advance exploration efforts and fund a feasibility study of the company’s Beatons Creek project in Nullagine, Western Australia.
Novo Resources Corp is a company engaged in the business of evaluating, acquiring, and exploring natural resource properties with a focus on gold. The company is focused on exploring and developing its prospective land package covering approximately 12,500 square kilometres in the Pilbara region of Western Australia.
Novo Resources Corp. (NVO) opened trading at $0.85 per share.