News Today Novo To Purchase Previously-Optioned Projects From Talga Resources Ltd.
VANCOUVER, BC / TheNewswire / August 25, 2016 – Novo Resources Corp. (TSX-V: NVO; OTCQX: NSRPF) (“Novo” or the “Company”) is pleased to announce that through its Australian subsidiary, Beatons Creek Gold Pty Ltd, it has entered into an agreement (the “Agreement”) to purchase the Talga Talga, Warrawoona, and Mosquito Creek projects (each a “Talga Project” and, collectively, the “Talga Projects”) from Talga Resources Ltd. (“Talga”), an Australian Stock Exchange listed company.
The Company entered into an option agreement with Talga for the right to explore the Talga Projects in August 2015 (please see the Company’s news release dated August 12, 2015). The Company paid AUD $50,000 to Talga for an initial option period of 4 months. The Company also paid an additional AUD $200,000 to Talga in order to extend the option period to August 11, 2017, and thereby extend its right to purchase any of the Talga Projects for AUD $250,000 per Talga Project. However, the Company has offered, and Talga has agreed to accept, 765,115 common shares of Novo (the “Consideration Shares”) for all three Talga Projects in lieu of cash payments. The Consideration Shares will be subject to a statutory hold period expiring four months from the date of issuance.
Completion of the sale is conditional on TSX Venture Exchange approval and obtaining Ministerial approval as may be required.
Link to the news release