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HomeFinanceNovo Closes Strategic Financing

Novo Closes Strategic Financing

Not for distribution to United States Newswire Providers or for dissemination in america

HIGHLIGHTS

  • Closing of C$5 million strategic funding in Novo (the “Financing”) from Liatam Mining Pty Ltd (“Liatam”), Australian-based supervisor of the Bald Hill lithium and tantalum mine in Western Australia, through the issuance of 12,820,512 items of Novo at C$0.39 per unit (every, a “Unit”), representing an undiluted 4.9% post-Financing place in Novo
  • Every Unit consists of 1 widespread share of Novo and one-quarter of 1 widespread share buy warrant (every a “Warrant”). Every complete Warrant entitles the holder to buy one extra widespread share of the Firm at a value of C$0.60 per share till December 22, 2024
  • Liatam to advance battery mineral exploration close to Novo’s Nullagine gold undertaking by incurring A$1.5 million in exploration expenditure over 24 months on the Quartz Hill undertaking close to Nullagine, Western Australia to earn an 80% curiosity in battery mineral rights1

VANCOUVER, British Columbia, Dec. 22, 2022 (GLOBE NEWSWIRE) — Novo Assets Corp. (“Novo” or the “Firm”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is happy to advise that the beforehand introduced Financing with Liatam1 has now closed.

The Toronto Inventory Change has accepted discover of the Financing and conditionally accepted the itemizing of the widespread shares issued underneath the Financing. Accordingly, Novo has closed the Financing, elevating gross proceeds of C$5 million by the problem of 12,820,512 Models at a value of C$0.39 per Unit. All the Models have been subscribed for by Liatam. The Financing was performed at a 26% premium to Novo’s closing value on December 14, 2022 and Novo’s 30-day trailing volume-weighted common value by the identical date.

Every Unit consists of 1 widespread share of Novo and one-quarter of 1 Warrant. Every complete Warrant entitles Liatam to buy one extra widespread share of the Firm at a value of C$0.60 per share till December 22, 2024.

Argonaut PCF Restricted (“Argonaut”) of Perth, Western Australia acquired a money finder’s charge of C$0.25 million, together with 641,025 finder’s warrants (the “Finder’s Warrants”). Aside from being non-transferable and expiring on December 22, 2025, the Finder’s Warrants are topic to related phrases because the Warrants.

All the securities issued and issuable within the Financing are topic to a statutory maintain interval expiring on April 23, 2023, together with an extra contractual maintain interval expiring on June 30, 2023.

The online proceeds from the Financing will primarily be utilized by Novo to fast-track exploration on the Firm’s key initiatives, together with the Becher Space, Nunyerry North and Purdy’s North, in addition to for basic working capital functions.

ABOUT NOVO

Novo explores and develops its potential land package deal protecting roughly 10,500 sq. kilometres within the Pilbara area of Western Australia, together with the Beatons Creek gold undertaking, together with two joint ventures within the Bendigo area of Victoria, Australia. Along with the Firm’s main focus, Novo seeks to leverage its inner geological experience to ship value-accretive alternatives to its stakeholders. For extra info, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.

On Behalf of the Board of Administrators,

Novo Assets Corp.
Michael Spreadborough
Michael Spreadborough
Govt Co-Chairman and Performing CEO

Ahead-looking info

Some statements on this information launch include forward-looking info (throughout the which means of Canadian securities laws) together with, with out limitation, statements as to the anticipated use of proceeds from the Financing. These statements deal with future occasions and situations and, as such, contain identified and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by the statements. Such elements embrace, with out limitation, customary dangers of the useful resource trade and the danger elements recognized in Novo’s administration’s dialogue and evaluation for the nine-month interval ended September 30, 2022, which is offered underneath Novo’s profile on SEDAR at www.sedar.com. Ahead-looking statements converse solely as of the date these statements are made. Besides as required by relevant legislation, Novo assumes no obligation to replace or to publicly announce the outcomes of any change to any forward-looking assertion contained or included by reference herein to mirror precise outcomes, future occasions or developments, modifications in assumptions or modifications in different elements affecting the forward-looking statements. If Novo updates any forward-looking assertion(s), no inference needs to be drawn that the Firm will make extra updates with respect to these or different forward-looking statements.

____________________
1 Discuss with the Firm’s information launch dated
December 15, 2022.

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