Mr. Rob Humphryson reports
NOVO REPORTS FULL EXERCISE OF MARCH 2016 SHARE PURCHASE WARRANTS
All of Novo Resources Corp.'s 3,927,884 share purchase warrants issued in a private placement which closed on March 8, 2016 (see the company's news release of March 8, 2016), have been exercised, raising gross proceeds of $3,338,701. Novo's current cash balance stands at approximately $69.5-million.
"We are delighted with the level of shareholder support demonstrated by 100 per centof the March, 2016, warrants being exercised, and we continue to receive exercise requests for subsequent tranches of warrants," commented Rob Humphryson,chief executive officer and a director of Novo Resources. "Cash expenditures of approximately $14-million incurred on the company's mineral properties during the most recent fiscal year ended Jan. 31, 2018, have been more than offset by gross proceeds of approximately $15.8-million raised from the exercise of warrants during the same period."
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 kilometres. Novo also controls a 100-per-cent interest in approximately two square kilometres covering much of the Tuscarora gold-silver vein district in Nevada.
© 2018 Canjex Publishing Ltd. All rights reserved.