Mr. Quinton Hennigh reports
NOVO COMPLETES ACQUISITION OF FARNO-MCMAHON AND SECURES PORTFOLIO OF TENEMENTS IN EGINA REGION OF WESTERN AUSTRALIA
Novo Resources Corp. has completed its acquisition of the issued and outstanding shares of Farno McMahon Pty. Ltd. as described in the company's news release dated Sept. 17, 2018. Completion of the acquisition was subject to the completion of certain conditions precedent and regulatory approvals which have all been finalized and received.
The company paid $150,000 (Australian) in cash to Farno upon execution of an initial agreement. The company also paid a further $2.35-million (Australian) in cash to the shareholders of Farno and issued 1,252,895 common shares to the shareholders of Farno. All consideration shares are subject to a statutory hold period expiring on Feb. 1, 2019.
About Novo Resources Corp.
Novo's focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 square km.
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