Novo Resources Closes C$15 Million to Advance Beatons Creek Project Towards Production, Australia
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Novo Resources Corp. has closed its private placement led by Red Cloud Klondike Strike Inc. and including Haywood Securities Inc. to raise gross proceeds of C$15,000,051, which includes the full exercise by the agents of their option to sell an additional C$3,000,051 of the offering. The offering was up-sized from C$8,000,000 on April 6, 2017 due to strong demand.
“We are thrilled with the level of support from this offering, another critical step in the evolution of the company. We are delighted to welcome a brand new set of institutional investors while maintaining the support of existing shareholders such as Eric Sprott, a long time Novo shareholder,” said Quinton Hennigh, president and CEO of Novo.
“With more than $15 million in cash, Novo plans to aggressively move its Beatons Creek project towards production while also looking to develop its portfolio of highly prospective gold projects in Australia. The agents have done a tremendous job marketing Novo and we look forward to developing a long and lasting relationship with their teams,” added Hennigh.
The proceeds from the offering are being used primarily for exploration and development at the Beatons Creek project and for general corporate and working capital purposes.
To read more details in the company’s press release, CLICK HERE
About Novo Resources Corp.
Novo’s focus is to evaluate, acquire and explore gold properties. Indirect subsidiaries of Novo hold a 100 percent interest in the Beatons Creek gold project, a 70 percent interest in properties surrounding Beatons Creek and Marble Bar, a 100 percent interest in the Blue Spec gold antimony project, and options covering approximately 400 square km over the Mosquito Creek Basin, all in the Pilbara region, Western Australia. Novo also controls a 100 percent interest in approximately 2 sq km covering much of the Tuscarora Au-Ag vein district, Nevada.
To stop by Novo Resources’ website, CLICK HERE
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