Novo Announces Grant of Options
VANCOUVER, BC / TheNewswire / August 15, 2016 - Novo Resources Corp. (TSX-V: NVO; OTCQX: NSRPF) ("Novo" or the "Company") reports that it has granted incentive stock options to certain directors, officers, employees, and consultants to purchase up to 3,975,000 common shares in the capital of the Company pursuant to its Stock Option Plan. The options are exercisable on or before August 15, 2021 at an exercise price of CAD$0.94 per share.
Options issued to the Company's operations team shall fully vest once the Company begins full-scale commercial production on its Beatons Creek property. Options issued to the Company's non-operations officers, directors, employees, and consultants shall vest at a rate of one-third at the date of grant, one-third six months following the date of grant, and the final third one year following the date of grant.
These options are the first grant Novo has made since 2012, as Novo's board did not feel it was appropriate to grant options during such a period of decline in the junior mining market. This will now help to incentivize Novo's team to work towards reaching the ultimate goal of realizing full value from its Beatons Creek project.
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 surrounding Beatons Creek and at nearby Marble Bar, and a 100% 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. 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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