Novo Resources Announces $5,311,106 Raised From Warrant Exercises
VANCOUVER, BC / TNW ACCESSWIRE / August 25, 2014 / Novo Resources Corp. (CSE: NVO; OTCQX: NSRPF) ("Novo" or the "Company") reports that further to its news release dated July 17, 2014, announcing the acceleration of the expiry of share purchase warrants (the "Warrants") issued as part of a brokered private placement that closed on December 12, 2012 (the "Financing") (see news release of December 12, 2012), 98.4% of the 5,795,400 Warrants were exercised, raising gross proceeds of $5,134,860 (all figures $CAD). The remaining Warrants have expired.
In addition, the Company reports the exercise of 81% of the 334,524 common share purchase warrants issued to certain agents in the Financing (the "Agents' Warrants"), raising further gross proceeds of $176,246. The Agents' Warrants are not subject to the same expiry acceleration clause as the Warrants and, as such, will expire on December 12, 2014.
Novo's current cash balance stands at approximately $12.8 million.
"We are very grateful for the resounding shareholder support demonstrated by the exercise of the vast majority of these warrants," commented Dr. Quinton Hennigh, President, CEO and Director of Novo Resources. "Recently, we announced our plan to fast-track the Beatons Creek gold project toward bankable feasibility. Our treasury of approximately $12.8 million allows us to meet this objective as well as consider other potential strategic opportunities in the region."
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. The Company presently has joint ventures earning a 70% interest two exploration properties, Beatons Creek and Marble Bar, situated in Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.
On Behalf of the Board of Directors,
"Quinton Hennigh"
Quinton Hennigh
CEO and President
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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