Novo Completes Full Repayment and Retirement of US$40 Million Sprott Lending Credit Facility
August 12 2022 - 4:37PM
Novo Resources Corp. (
“Novo” or
the
“Company”) (TSX: NVO, NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to advise that it has completed repayment
of its senior secured US$40 million credit facility
(“
Credit Facility”) with Sprott Resource Lending
Corp. (“
Sprott”) subsequent to the completion of
the sale of the Company’s New Found Gold Corp. investment1. The
Company is now free of long-term borrowings, with an unaudited
consolidated cash balance of C$76.6 million.
The Company paid an aggregate amount of
US$40,144,029 to Sprott in satisfaction of all amounts outstanding,
including all accrued interest, on the Credit Facility. No early
repayment penalties were paid. The Company is in the process of
discharging all security previously granted to Sprott in connection
with the Credit Facility.
ABOUT NOVO
Novo operates its flagship Beatons Creek project
while exploring and developing its prospective land package
covering approximately 11,000 square kilometres in the Pilbara
region of Western Australia. In addition to the Company’s primary
focus, Novo seeks to leverage its internal geological expertise to
deliver value-accretive opportunities to its shareholders. 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.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman and Acting CEO
1 Refer to the Company’s news release dated August 8, 2022.
Novo Resources (TSX:NVO.WT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Novo Resources (TSX:NVO.WT)
Historical Stock Chart
From Apr 2023 to Apr 2024