Fraser Mackenzie, Bayfront assist in raising funds for work program
By Toni Weeks
San Diego, Nov. 26 - Novo Resources Corp. said it arranged a C$4 million private placement of units with a $600,000 greenshoe on Nov. 22 via agents Fraser Mackenzie Ltd. and Bayfront Capital Partners Ltd.
The company will sell 6,154,000 units of one common share and one warrant at C$0.65 per unit.
Each warrant is exercisable at C$0.90 for two years. The strike price is a 16.67% premium to the Nov. 21 closing share price of C$0.75.
Proceeds will be used for the company's ongoing work program and for general corporate purposes.
Based in Vancouver, B.C., Novo Resources is explores for gold and other metals.
| Issuer: | Novo Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$4,000,100
|
| Greenshoe: | C$600,000
|
| Units: | 6,154,000
|
| Price: | C$0.65
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90
|
| Agents: | Fraser Mackenzie Ltd. and Bayfront Capital Partners Ltd.
|
| Pricing date: | Nov. 22
|
| Stock symbol: | Canada: NVO
|
| Stock price: | C$0.75 at close Nov. 21
|
| Market capitalization: | C$31.95 million
|
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