Novo Dual Lists On ASX Following Oversubscribed A$7.5M IPO
September 11 2023 - 12:25AM
Novo Resources Corp. (
Novo” or
the “
Company) (ASX: NVO, TSX: NVO, & NVO.WT.A)
(OTCQX: NSRPF) is pleased to announce the Company has successfully
listed on the ASX, with trading in Novo’s securities having
commenced on Monday, 11 September 2023 under the ticker ‘NVO’.
Novo’s Initial ASX Public Offering
(IPO) closed early and listing on the ASX followed
completion of a A$7.5 million raise, before costs, through the
issue of 37,500,000 shares (settled on the ASX in the form of CHESS
Depositary Interests (or CDIs) at A$0.20 per CDI). The CDIs are
issued in the ratio of 1 CDI for 1 Novo share. The IPO was led by
Argonaut PCF.
Novo is a leading Western Australian gold
explorer which owns a 10,500 sq km Pilbara exploration portfolio
and the Belltopper Gold Project in Victoria. The Company has a
well-defined growth strategy of seeking to identify and define
deposits with material development potential.
Novo’s portfolio Includes key Pilbara, Western
Australia, projects such as Becher, Nunyerry North and Balla
Balla.
Novo Executive Co-Chairman and Acting CEO Mike
Spreadborough said this was an exciting milestone for Novo and the
Company looks forward to continuing to deliver value to its new and
existing shareholders through the ASX listing.
“We are delighted to be listed on the ASX and I
would like to welcome all new shareholders to Novo, the future is
very exciting. I would also like to extend my thanks to all the
many people involved in getting us to this stage and acknowledge
all the hard work that went into getting us ASX ready.
“The ASX listing is the logical next step for
Novo and will facilitate our Australian growth plans, considering
the local investor appetite for mining and exploration
opportunities. We are focused on accelerating our exploration
activities and seeking value accretive opportunities to grow
long-term shareholder value.
“We have several exploration programs planned
for the second half of 2023 and we look forward to getting boots on
the ground and drill rigs spinning. We will be delivering regular
updates as drilling progresses at Becher, Nunyerry North, Balla
Balla and our Belltopper Project in Victoria. We also look forward
to working with our Egina JV partner De Grey, as they take over all
exploration efforts within the Egina JV, with a 39,000 m program
set to commence at Becher in September.”
In June this year, De Grey agreed to invest up
to A$25 million on exploration at the Company’s Becher project and
adjacent tenements within 4 years, to earn a 50% interest and form
the Egina JV. De Grey also became Novo’s largest shareholder
through a A$10 million cornerstone investment, with a ~10.3%
shareholding (post ASX listing). De Grey is managing all
exploration efforts at Becher and is set to commence drilling this
month with a planned program of 39,000 m of aircore, RC and diamond
drilling.
At Nunyerry North, an initial 2,000 m RC
drilling program is scheduled to commence in September 2023.
At Balla Balla, a program of wide-spaced
reconnaissance AC drilling is planned, while at East Pilbara, a
2,000m RC program in Q4 2023 will test recently identified
intrusion relation targets.
In Victoria, the Belltopper Project has a 2,000
m diamond program planned to commence in October 2023 to test key
targets.
Following the IPO capital raising, Novo has 342
million shares on issue (37.5 million of which currently take the
form of CDIs on the ASX and with 304.5 million being shares on the
TSX). At the IPO offer price of A$0.20, this implies a market
capitalisation of ~ A$68.4 million (approximately C$60 million.
Novo also currently has 6.5 million options and 30.5 million
warrants on issue.
The top 10 shareholders (including CDI holders)
are as follows:
Overall TSX/ASX Shareholding - Post IPO |
Rank |
|
Holder |
# of Securities |
% Holding |
1 |
|
De Grey Mining Limited |
35,273,786 |
10.3 |
2 |
|
Heritas Captial Management
(Australia) - IMC |
16,213,685 |
4.7 |
3 |
|
Liatam Mining Pty Ltd |
12,820,512 |
3.7 |
4 |
|
Creasy Group Holdings |
15,519,177 |
4.5 |
5 |
|
Citicorp Nominees Pty Ltd |
10,550,000 |
3.1 |
6 |
|
Harmanis Holdings Pty Ltd |
5,000,000 |
1.5 |
7 |
|
GBM Resources Ltd |
4,037,872 |
1.2 |
8 |
|
Donald Smith Value Fund
LP |
3,594,500 |
1.1 |
9 |
|
SC Pilbara Gold Pty Ltd |
3,382,550 |
1 |
10 |
|
M & G Munday |
2,800,000 |
0.8 |
|
|
|
|
|
This announcement was authorised by Mike
Spreadborough, Executive Co-Chairman.
Contact
Investors:Mike
Spreadborough +61 419 329 987
mike.spreadborough@novoresources.com |
Media:Cameron
Gilenko+61 466 984 953cgilenko@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.
FORWARD-LOOKING INFORMATION
Some statements in this news release contain forward-looking
information (within the meaning of Canadian securities legislation
and Australian corporations law) including, without limitation,
references to the Company’s exploration growth strategy. 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, 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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