Business
Commitments Received for ~A$8.2m Placement
Not for release to US wire service or distribution in the United States PERTH, Western Austral...
About this update from Novo Resources Corp.
[{"type":"text","content":"Commitments Received for ~A$8.2m Placement\nNot for release to US wire service or distribution in the United States PERTH, Western Australia, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (ASX: NVO) (TSX: NVO) (OTCQB: NSRPF) is pleased to provide an update on the status of the capital raising announced on 24 February 2026 (Vancouver)/25 February 2026 (Perth). The Company has now received firm commitments to raise gross proceeds of C$7.9m (approximately A$8.2m) through a placement of ~16.8m units at C$0.10 per unit and ~61.1m Chess Depository Interests (“CDIs”) at A$0.105 per CDI to institutional, professional and sophisticated investors (“Placement”). The Company is delighted to welcome new shareholders and appreciates the continued support of existing shareholders. Each common share (“Shares”) issued under the Placement within Canada will be issued as part of a unit (“Unit”) consisting of one Share and one-half of one Share purchase warrant (each whole Share purchase warrant being a “Warrant”). Each free-attaching Warrant will be exercisable for a period of three years from the date of issue at a price of C$0.15 per Share. The issue of Units to participants under Tranche 2 of the Placement will be subject to shareholder approval. Units and CDIs will be issued under the Placement across two tranches, as follows: Tranche 1 will comprise the issue of ~8.8m Units and ~50.2m CDIs (for aggregate proceeds of ~C$6.0m (approximately A$6.2m)) (“Tranche 1”); andTranche 2 will comprise the issue of ~ 8.0m Units and ~10.9m CDIs (to raise aggregate proceeds of ~C$1.9m (approximately A$2.0m) and will be subject to shareholder approval at a General Meeting expected to occur in May 2026 (“Tranche 2”). The Company’s major shareholder, Northern Star Ltd (ASX: NST), has committed to participate up to its pro-rata holding (approximately 9%). A director has also committed to participate and the CDIs allocated to them (and to Northern Star) will be issued as part of Tranche 2. Participants under the CDI Placement (being those outside of Canada) will also be entitled to be made an offer to apply to receive (for no consideration) one option to acquire a CDI (“Option”) for e...