Novo Reports Full Exercise of May 2017 Share Purchase Warrants, Raising Over $20M

Novo Reports Full Exercise of May 2017 Share Purchase Warrants, Raising Over $20M

VANCOUVER, British Columbia, May 08, 2019 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that all of the 22,727,350 share purchase warrants issued in a private placement which closed on May 4, 2017 (see the Company’s news release of May 4, 2017 – http://novoresources.com/news-media/news/display/index.php?content_id=239) have been exercised, raising gross proceeds of $20,454,615. Novo’s current cash balance stands at approximately CAD $50.7 million.

“The Company is delighted that the exercise of the May 2017 warrants has enabled us to replenish our cash balance,” commented Rob Humphryson, Novo’s CEO and a Director. “Achieving 100% conversion of these warrants underpins our project exploration and development plans as we continue to develop our Pilbara gold projects towards production.”

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 with varying ownership interests. 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
President and Chairman

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.