Novo Resources Corp T.NVO

RE:ES Ownership

[Redflame]

Redflame wrote: From Leo:

Eric holds 17,516,544 common shares (10.85%). I believe he also holds an additional 7,879,900 warrants.

Full share equivalent warrants outstanding based on last financial statement:

   

Expiry Date                       Price Per Share                 Warrants Outstanding

 

May 4, 2019                             $0.90                               14,960,455

 

September 6, 2020                  $6.00                               14,000,000

 

 

The above does not reflect  May, June, July and August warrant exercises.   The May 4, 2019 warrants are being exercised at a 600,000 per month clip.  That’s a lot (8.5 % per month) considering  that ES now owns over half of the  warrants.  That implies that there are 12.5 million May 4, 2019 still not exercised with ES owning 64% of that.  Don’t think 600,000 per month is being dumped on the open market but it would be interesting to know how much is.   Novo’s burn rate is $2.5 million a month and warrants are bringing in $540,000 per month on average.