Novo Resources Announces Increase in Size of Private Placement
Vancouver, BC / TheNewswire / August 8, 2016 - Novo Resources Corp. (TSX-V: NVO; OTCQX: NSRPF) ("Novo" or the "Company") reports that, subject to acceptance of the TSX Venture Exchange, it has increased its non-brokered private placement (the "Financing") announced on July 21, 2016. A total of up to $5,600,000 will now be raised in the Financing by the issuance of 6,588,235 units (each a "Unit") at a price of $0.85 per Unit. Each Unit will consist of one common share and one share purchase warrant (each a "Warrant"), and each Warrant will entitle the holder thereof to purchase one additional common share of the Company at a price of $1.25 per share for a period of 24 months from the closing date. The Warrants are subject to an accelerated expiry whereby, starting one year from the close of the Financing, if the daily high trading price of Novo's common shares exceeds $1.65 for a period of 20 consecutive trading days, Novo may provide notice of early expiry and the Warrants will expire 30 days thereafter.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. Indirect subsidiaries of Novo hold a 100% interest in the core of the Beatons Creek gold project, a 70% interest in approximately 1,800 square kilometers surrounding Beatons Creek and at nearby Marble Bar, and a 100% interest in the Blue Spec gold-antimony project, all in the Pilbara region, 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,
Novo Resources Corp.
"Quinton Hennigh"
Quinton Hennigh
CEO and President
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