Novo Agrees to Sell Stake in New Found Gold for C$125.9 M KEY POINTS
- Novo has agreed to sell its stake of 15 million shares in New Found Gold Corp. (TSXV: NFG) (“New Found”) to a corporation controlled by Eric Sprott for gross proceeds of C$125.9 million pursuant to arm’s length negotiations (the “Transaction”) representing an aggregate 9.3% premium to market
- Completion of the Transaction will leave Novo debt-free and with a pro-forma cash balance of almost C$97 million1, with funds providing Novo with the flexibility to aggressively advance exploration efforts across the Pilbara and Victoria, while expediting a Feasibility Study on the Fresh component of the Company’s Beatons Creek project in Nullagine, Western Australia
VANCOUVER, British Columbia, April 12, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that it has agreed to sell its 15 million New Found shares to a corporation controlled by Eric Sprott for gross proceeds of approximately C$125.9 million pursuant to arm’s length negotiations and at a significant premium of 9.3% to New Found’s closing price of C$7.68 as of April 11, 2022.
Novo Agrees to Sell Stake in New Found Gold for C$125.9 Million