Novo’s ASX IPO Offer Oversubscribed; Offer Period Closed Early
23 August 2023 - 11:05PM
Novo Resources Corp. (“
Novo” or
the “
Company”) (TSX: NVO, NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to advise it has now closed the offer
period for its IPO offer of CDIs ahead of schedule, having received
subscriptions totalling A$7.5 million. This means the full
over-subscription limit has been reached following overwhelming
support, with significant demand coming from sophisticated and
institutional investors across Australia.
The offer opened on Thursday, 10 August 2023 and
was originally scheduled to close on Friday, 1 September 2023, with
an expected ASX admission date of Thursday, 14 September 2023 (all
dates local time in Australia). Given the level of subscriptions
received, and the early offer close, Novo is in discussions with
ASX as to whether it can bring forward the date of its listing on
ASX. Novo’s offer remains subject to ASX approving the Company’s
application for admission (which process is ongoing and cannot be
guaranteed).
A listing on ASX is the logical next step in the
Company’s Australian growth plans, given historical local investor
appetite for new mining discoveries with exploration upside. An ASX
listing would provide an opportunity to enhance Novo’s profile
across a broader mix of investors, increase liquidity and attract
additional equity research coverage.
Argonaut PCF is acting as financial adviser and
Argonaut Securities Pty Ltd is acting as broker to the IPO.
Novo recently entered into a major earn-in and
joint venture agreement with leading Western Australian gold
developer, De Grey Mining Ltd (ASX: DEG) (“De
Grey”), which has undertaken to spend (within four years)
up to A$25 million on exploration of Novo’s flagship Becher Gold
Project and adjacent tenements. De Grey has also made a cornerstone
investment of A$10 million in Novo (pre-IPO) to become the
Company’s largest shareholder with a pre-IPO undiluted 11.6%
interest (~ 10.30% post-IPO).
Novo Executive Co-Chairman and Acting CEO Mike
Spreadborough said the Company was pleased with the significant
amount of interest in Novo and looks forward to continuing to
deliver value to all shareholders and stakeholders by progressing
the Company’s exploration and development plans.
“To close our offer ahead of schedule is a major
achievement and one the team is very proud of. We have received a
positive response and overwhelming demand for the IPO.
“It has been a busy few months with De Grey
becoming our JV partner at Becher and a cornerstone investor, which
is a substantial endorsement of what we have been working on at
Novo.
“We are ready to keep building on the momentum
with a significant exploration program scheduled for the remainder
of the year as we focus on identifying and defining deposits with
significant development potential and thank all of Novo’s
supporters in making the IPO process to date an outstanding
success.”
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.
CONTACT
Investors:Mike Spreadborough +61 419 329 987
mike.spreadborough@novoresources.com |
North American Queries:Leo Karabelas+1 416 543
3120leo@novoresources.com |
Media:Cameron Gilenko+61 466 984
953cgilenko@citadelmagnus.com |
|
On Behalf of the Board of Directors,
Novo Resources Corp.“Michael
Spreadborough”Michael SpreadboroughExecutive Co-Chairman and Acting
CEO
FORWARD-LOOKING INFORMATION
Some statements in this news release contain
forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, the
anticipated completion of the ASX IPO and the planned significant
exploration program scheduled for the remainder of the year. These
statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such factors
include, without limitation, receipt of ASX approval to the
Company’s application for admission, customary risks of the
resource industry and the risk factors identified in Novo’s annual
information form for the year ended December 31, 2022, which is
available under Novo’s profile on SEDAR+ at www.sedarplus.ca.
Forward-looking statements speak only as of the date those
statements are made. Except as required by applicable law, Novo
assumes no obligation to update or to publicly announce the results
of any change to any forward-looking statement contained or
incorporated by reference herein to reflect actual results, future
events or developments, changes in assumptions or changes in other
factors affecting the forward-looking statements. If Novo updates
any forward-looking statement(s), no inference should be drawn that
the Company will make additional updates with respect to those or
other forward-looking statements.
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