Novo Reports Full Exercise of March 2016 Share Purchase Warrants
VANCOUVER, British Columbia, March 13, 2018 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V:NVO) (OTCQX:NSRPF) is pleased to announce that all of the 3,927,884 share purchase warrants issued in a private placement which closed on March 8, 2016 (see the Company’s news release of March 8, 2016) have been exercised, raising gross proceeds of $3,338,701. Novo’s current cash balance stands at approximately CAD $69.5 million.
“We are delighted with the level of shareholder support demonstrated by 100% of the March 2016 warrants being exercised and we continue to receive exercise requests for subsequent tranches of warrants,” commented Rob Humphryson, Novo Resources CEO and Director. “Cash expenditures of approximately CAD $14 million incurred on the Company’s mineral properties during the most recent fiscal year ended January 31, 2018 have been more than offset by gross proceeds of approximately CAD $15.8 million raised from the exercise of warrants during the same period.”
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km. Novo also controls a 100% interest in approximately 2 sq km covering much of the Tuscarora Au-Ag vein district, Nevada. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail email@example.com
On Behalf of the Board of Directors,
Novo Resources Corp.
President and Chairman
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