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VANCOUVER, British Columbia, Aug. 23, 2023 (GLOBE NEWSWIRE) — Novo Resources Corp. (“New” or the “Pursue) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that the Company has now closed the offer period for its CDI IPO offering early and has received subscriptions totaling EUR 7 received A$.5 million . This means the full oversubscription limit has been reached due to overwhelming support and significant demand from sophisticated and institutional investors across Australia.
The offer opened on Thursday, August 10, 2023 and was originally scheduled to end on Friday, September 1, 2023. The expected ASX admission date is Thursday 14 September 2023 (all dates Australian local time). Given the level of subscriptions received and the early closing of the offering, Novo is in discussions with the ASX to bring forward the date of its listing on the ASX. Novo’s offering remains subject to the approval of the Company’s listing application by the ASX (this process is ongoing and cannot be guaranteed).
A listing on the ASX is the logical next step in the Company’s Australian growth plans given the historical interest of local investors in new mining discoveries with exploration potential. A listing on the ASX would provide an opportunity to raise Novo’s profile with a broader mix of investors, increase liquidity and gain additional equity research coverage.
Argonaut PCF is acting as financial advisor and Argonaut Securities Pty Ltd is acting as broker for the IPO.
Novo recently entered into a significant earn-in and joint venture agreement with leading Western Australian gold developer De Gray Mining Ltd (ASX: DEG) (“”The grey“), which is committed to spending up to A$25 million (over four years) to explore Novo’s flagship Becher Gold Project and adjacent properties. De Gray has also made a cornerstone investment of A$10 million in Novo (pre-IPO) to become the largest shareholder in the to become a company.
Mike Spreadborough, Executive Co-Chairman and Acting CEO of Novo, said the Company is pleased with the strong interest in Novo and looks forward to continuing to add value to all shareholders and stakeholders through advancing the Company’s exploration and development plans.
“Completing our bid ahead of schedule is a major achievement of which the team is very proud. We have received positive feedback and overwhelming demand for the IPO.
“It has been a busy few months with De Gray becoming our JV partner at Becher and a key investor, which is a significant endorsement of what we have been working on at Novo.
“We are poised to continue building momentum with a significant exploration program planned for the remainder of the year as we focus on identifying and defining deposits with significant development potential and thank all of Novo’s supporters for making the IPO to date.” was an outstanding success.” .”
ABOUT NOVO
Novo is exploring and developing its potential land package of approximately 10,500 square kilometers in the Pilbara region of Western Australia and the 22 square kilometer Belltopper project in the Bendigo Tectonic Zone of Victoria, Australia. In addition to the Company’s primary focus, Novo seeks to leverage its in-house geological expertise to provide value-added opportunities to its stakeholders.
CONTACT
Investors: Mike Spreadborough +61 419 329 987 [email protected] |
North America Inquiries: Leo Karabelas +1 416 543 3120 [email protected] |
Media: Cameron Gilenko +61 466 984 953 [email protected] |
On behalf of the Board of Directors,
Novo Resources Corp.
Michael Spreadborough
Michael Spreadborough
Executive Co-Chairman and Acting CEO
FORWARD LOOKING INFORMATION
Certain statements in this press release contain forward-looking information (within the meaning of Canadian securities laws), including but not limited to the anticipated completion of the ASX IPO and the proposed extensive exploration program planned for the remainder of the year. These statements address future events and conditions and therefore involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the statements deviate . Such factors include, but are not limited to, receipt of ASX approval for the Company’s listing application, risks inherent in the commodities industry and the risk factors identified on Novo’s annual information form for the year ended December 31, 2022 available at Novo’s profile SEDAR+ at www.sedarplus.ca. Forward-looking statements speak only as of the date such statements are made. Except as required by law, Novo undertakes no obligation to update or publicly release the results of any changes to any forward-looking statements contained herein or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting affect the forward-looking statements. If Novo updates one or more forward-looking statements, it should not be construed that the Company will make any additional updates with respect to such or other forward-looking statements.
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