Novo Completes First Tranche of New Found GOLD Sale FOR C$68.9 Million
Suite 880, 580 Hornby Street
Vancouver, BC, Canada V6C 3B6
P: +1-416-543-3120 E: [email protected] www.novoresources.com
April 27, 2022
NOVO COMPLETES FIRST TRANCHE
OF NEW FOUND GOLD SALE FOR C$68.9 MILLION
VANCOUVER, BC - Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO , NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to advise that it has closed the first tranche of its previously announced sale of 15
million shares (the “Transaction”) of New Found Gold Corp. (“New Found”). A total of 8.25 million New Found
shares have been transferred to a corporation controlled by Eric Sprott at C$8.35 per share for gross proceeds
of approximately C$68.9 million1.
The second tranche of the Transaction , consisting of 6.75 million New Found shares at C$8.45 per share for
gross proceeds of approximately C$57.0 million, is scheduled to close on August 5, 2022 (“ Tranche 2”). The
New Found shares representing Tranche 2 are subject to escrow provisions . The consent of the TSX Venture
Exchange, on which New Found’s common shares trade, to the transfer of the Tranche 2 shares within escrow
has been obtained.
Novo’s cash position is currently approximately C$91 million. Net funding from the Transaction will be used to
provide Novo with the flexibility to aggressively advance exploration efforts across the Pilbara and Victoria,
while expediting a Feasibility Study on the Fresh component of the Company’s Beatons Creek project in
Nullagine, Western Australia2.
ABOUT NOVO
Novo operates its flagship Beatons Creek project while exploring and developing its prospective land package
covering approximately 12,500 square kilometres in the Pilbara region of Western Australia. In addition to the
Company’s primary focus, Novo seeks to leverage its internal geological expert ise 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.
“Michael Spreadborough”
Michael Spreadborough
Executive 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, witho ut limitation, that Tranche 2 will settle on August 5, 2022, and that
funding generated from the Transaction will provide Novo with the flexibility to aggressively advance
exploration efforts across the Pilbara and Victoria while expediting a feasibility study on the Fresh component
of the Company’s Beatons Creek project in Nullagine, Western Australia . 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, the completion by the parties of their r espective obligations under Tranche 2 , customary risks of
the resource industry, and the risk factors identified in Novo’s management’s discussion and analysis for the
year ended December 31, 2021 which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-
looking statements speak o nly 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-
1 Refer to the Company’s news release dated April 12, 2022.
2 Refer to the Company’s news release dated April 7, 2022.
{02474113;1} 2
looking statement contained or incorporated by reference herein to ref lect 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.