RE:alpha Novo Resources appears to need cash, which is likely why it carried out a below-the-market financing, and likely why it accepted loan terms from Sprott Lending that are punitive. As a company developing a mine, Novo is at a point where it is burning cash and where its operation comes with uncertainty and risk that is best mitigated by a cash cushion. The company can clearly access cash: it can sell some of its New Found Gold shares and it can raise money in the equity markets, albeit not on ideal terms. Thus, I wouldn't go so far as to say that the company risks going bankrupt; however the company could be forced to dilute its shareholders at unfavorable prices or liquidate its share holdings at unfavorable prices should the gold price fall, or if Beaton's Creek ramp-up takes longer, or costs more than expected.
Even if you believe in the geology side of the Novo story, you'd be wise to look closely at the company's financials, as well as some of its financial decisions, before taking a long position.