Novo Announces Closing of Sprott Lending Private Placement
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580 Hornby Street, Suite 880
Vancouver, BC, Canada V6C 3B6
Not for Distribution to United States Newswire Services or for dissemination in the United States
NOVO ANNOUNCES CLOSING OF
SPROTT LENDING PRIVATE PLACEMENT
VANCOUVER, BC, September 9, 2020 - Novo Resources Corp. (“Novo” or the “Company”) (TSX-V:
NVO) is pleased to announce that it has closed its previously announced private placement of units of the
Company with Sprott Private Resource Lending II (Collector), LP (“ Sprott”) raising gross proceeds of
C$4,724,278 (approximately US$3.6 million) (the “ Offering”). The Offering was undertaken in
conjunction with Sprott’s US$60 million four -year loan and Novo’s acquisition of Millennium Minerals
Limited (the “Acquisition”) (please refer to the Company’s news release dated September 8, 2020 for
further details).
Sprott subscribed for 1,453,624 units (the “Sprott Units”) at a price of C$3.25 per Sprott Unit. Each Sprott
Unit is comprised of one common share of Novo (each a “Share”) and one-half of one transferable Share
purchase warrant (each a “ Sprott Warrant”), with each whole Sprott Warrant entitling Sprott to acquire
one Share at a price of C$4.40 until September 9, 2023. The Sprott Units and their underlying securities are
subject to a statutory hold period expiring on January 10, 2021.
Novo intends to use the proceeds raised from the Offering for capital expenditures relating to the restart of
Millennium’s infrastructure and for general working capital purposes related thereto. Conditional TSX
Venture Exchange acceptance of the Offering has been obtained. The Offering remains subject to final TSX
Venture Exchange acceptance.
About Novo Resources Corp.
Novo’s focus is primarily 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, 750 square kilometres with
varying ownership interests. 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 [email protected]
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
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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.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, statements as to the use of the net proceeds from the
Offering and receipt of final TSX Venture Exchange acceptance of the Offering. Forward-looking
statements addres s future event s a nd conditions a nd, as suc h, invol ve know n and unknow n risks,
uncertainties and other factors whi ch may cause the actual result s, performance or achievement s 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 mineral resource exploration
industry.
This news release does not constitute an offer for sale, or a solicitation of an offer to buy, in the United States or to
any “U.S. Person” (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the
“1933 Act ”)) of any equity or other securities of Novo. The securities of Novo have not been, and will not be,
registered under the 1933 Act or under any state securities laws and may not be offered or sold in the United States
or to a U.S. Person absent registration under the 1933 Act and applicable state securities laws or an applicable
exemption therefrom.