Novo Completes Oversubscribed A$7.5m IPO

Rhea-AI Summary

Novo Resources Corp. completes IPO, raising A$7.5 million

VANCOUVER, British Columbia, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo or the Company) (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce the Company has completed its Initial Public Offering (IPO) of a A$7.5 million raise, before costs, through the issue of 37,500,000 common shares (settled in the form of CHESS Depositary Interests (CDIs) at A$0.20 per CDI) which was led by Argonaut PCF. The CDIs are issued in the ratio of 1 CDI for 1 common share. The IPO was open to residents of Australia only.

The raising was conducted ahead of commencement of trading and dual listing on the Australian Securities Exchange (ASX). The Company is on track to complete its ASX listing, with trading in the Company’s securities (under the ticker code ASX:NVO) currently scheduled to commence at 11:00am on 11 September AEST subject to the Company satisfying the remaining conditions to admission and quotation.

Contact

Investors: Mike Spreadborough +61 419 329 987 mike.spreadborough@novoresources.com

Media: Cameron Gilenko +61 466 984 953 cgilenko@citadelmagnus.com

About Novo

Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, along with the 22 square kilometre Belltopper Project in the Bendigo Tectonic Zone of Victoria, Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its stakeholders.