Novo Resources Announces Upsize of Previously Announced Private Placement to C$12 Million
Novo Resources Announces Upsize of Previously Announced
Private Placement to C$12 Million
VANCOUVER, British Columbia, April 06, 2017 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo ”
or the “Company”) ( TSX-V:NVO) (OTCQX:NSRPF) is pleased to announce that due to demand from
investors, it has increased the size of the previously announced private placement of units (the “Units”) of
the Company from C$8,000,000 to C$12,000,000 (the “Increased Offering ”). Under the Increased
Offering, the Company may issue up to 18,181,818 Units at a price of C$0.66 per Unit. Each Unit will be
comprised of one common share (a “Common Share ”) of the Company and one transferable common
share purchase warrant (a “Warrant ”), each Warrant entitling the holder thereof to acquire one common
share of the Company at a price of C$0.90 for a period of 24 months from the date of closing of the
Increased Offering. The Increased Offering is being conducted by a syndicate of agents led by Red Cloud
Klondike Strike Inc. and including Haywood Securities Inc. (collectively, the “Agents”). The Company has
also granted the Agents an option (the " Agents' Option ") exercisable, in whole or in part, at any time up to
48 hours before the closing of the Increased Offering, to place up to an additional C$3,000,000 of Units. If
the Agents' Option is exercised in full, an aggregate of 22,727,272 Units will be issued resulting in
aggregate gross proceeds of the Increased Offering of C$15,000,000.
The Company intends to use the net proceeds from the Increased Offering primarily for exploration and
development at the Beatons Creek project and for general corporate and working capital purposes.
The closing of the Increased Offering is expected to occur on or about April 27, 2017 and is subject to
receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. The
Units, including all underlying securities thereof, and any broker warrants issued with respect to the
Increased Offering will be subject to a four month hold period in accordance with applicable Canadian
securities laws.
This news release does not constitute an offer of securities for sale in the United States. The securities
being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within the United States, or to, or for the account
or benefit of, U.S. persons, absent U.S. registration or an applicable exemption from U.S. registration
requirements.
About Novo Resources Corp.
Novo’s focus is to evaluate, acquire and explore gold properties. Indirect subsidiaries of Novo hold a 100%
interest in the Beatons Creek gold project, a 70% interest in properties surrounding Beatons Creek and
Marble Bar, a 100% interest in the Blue Spec gold antimony project, and options covering approximately
400 square km over the Mosquito Creek Basin, all in the Pilbara region, Western Australia. Novo also
controls a 100% interest in approximately 2 sq km covering much of the Tuscarora Au -Ag vein district,
Nevada. For more information, please contact Leo Karabelas at (416) 543 -3120 or e -mail
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
CEO and President
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) includin g, without limitation, statements as to the expected consummation of the
Increased Offering and use of the proceeds thereof. Forward -looking 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 mineral resource exploration industry as well as Novo having sufficient
cash to fund the planned drilling and other exploration activities.