Novo Provides Financial Update
September 30 2019 - 07:07PM
Novo Resources Corp. (“
Novo” or
the “
Company”) (TSX-V: NVO; OTCQX: NSRPF) is
pleased to announce that it has filed its financial statements for
the six-months ended July 31, 2019 (the “
Q2 2020 Financial
Statements”) and would like to highlight the following:
- Strong cash balance of CAD $43.3 million (CAD $39.9 million as
at September 30, 2019)
- Working capital of CAD $39.2 million (CAD $36.7 million as at
September 30, 2019)
- Sumitomo funding for Egina gold project of AUD $1.6 million
received through July 31, 2019 (AUD $2.6 million through September
30, 2019)
- Share structure as at today’s date as follows:
Issued/Outstanding |
178,860,048 |
Stock Options |
10,990,000 |
Warrants |
14,000,000 |
Fully Diluted |
203,850,048 |
Reference should be made to the Q2 2020
Financial Statements in their entirety and accompanying
management’s discussion and analysis which are available under
Novo’s profile on SEDAR (www.sedar.com).
The Company expresses its gratitude to Sumitomo
Corporation of Tokyo, Japan, for funding the Company’s exploration
efforts at the Egina gold project in Western Australia. Sumitomo is
entitled to earn, through farmin arrangements, up to a 40% interest
in the Egina gold project by spending up to USD $30 million over
three years (please see the Company’s news release dated June 7,
2019 for further details -
https://www.novoresources.com/news-media/news/display/index.php?content_id=355).
Recent completion of heritage surveys over the
entirety of tenement M47/560 and portions of tenement E47/2502 has
allowed the Company’s planned exploration programs to continue at
the Egina gold project. Positive results from the Company’s bulk
sampling of surface gravels continue as the Company expands its
exploration program over tenement M47/560 (see the Company’s news
release dated August 22, 2019 for further details -
https://www.novoresources.com/news-media/news/display/index.php?content_id=361).
The Company also announces that it has
voluntarily refiled its audited annual financial statements for the
year ended January 31, 2018 and 2019, as well as the reviewed
interim financial statements for the three, six, and nine-month
periods ended April 30, July 31, and October 31, 2018,
respectively, along with the corresponding management’s discussion
and analysis (collectively, the “Revised Financial
Statements”). The refiled Revised Financial Statements are
available on SEDAR at www.sedar.com and on the Company’s website at
www.novoresources.com.
During the Company’s recent auditor transition,
the Company identified an immaterial error with respect to the
accounting treatment of the share component of the Comet Well
deferred consideration which was originally accounted for as a
non-current liability under IFRS 9 but should have been accounted
for as an equity-settled share-based payment under IFRS 2. The
refiled Revised Financial Statements incorporate the necessary
revision. As a result of this revision, the share component of the
Comet Well deferred consideration is recognized directly in equity
without subsequent re-measurement. Although the revision is
not viewed as being material, management has decided to voluntarily
refile the Revised Financial Statements to reflect the correct
accounting treatment.
Please direct any questions to the Company’s
Chief Financial Officer and Corporate Secretary, Ronan Sabo-Walsh,
at ronan.sabo-walsh@novoresources.com, +1-604-562-4854, or
+61-449-871-494.
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 13,000
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.
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