Non-brokered deal sells 3,529,411 units of one share and one warrant
By Devika Patel
Knoxville, Tenn., July 21 – Novo Resources Corp. said it plans a C$3 million non-brokered private placement of units
The company will sell 3,529,411 units of one common share and one warrant at C$0.85 per unit.
Each warrant is exercisable at C$1.25 for two years. The strike price is a 45.35% premium to the July 20 closing share price of C$0.86.
Proceeds will be used to explore the Blue Spec property and for general working capital purposes.
Based in Vancouver, B.C., Novo Resources explores for gold and other metals.
| Issuer: | Novo Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Units: | 3,529,411
|
| Price: | C$0.85
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Agent: | Non-brokered
|
| Pricing date: | July 21
|
| Stock symbol: | TSX Venture: NVO
|
| Stock price: | C$0.86 at close July 20
|
| Market capitalization: | C$72.97 million
|
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