Novo Announces Closing of First Tranche of Non-Brokered Private Placement

About this update from Novo Resources Corp.

[{"type":"text","content":"Novo Announces Closing of First Tranche of Non-Brokered Private Placement(via Thenewswire.ca)\n \n \nVANCOUVER, BC / TheNewswire / July 26, 2016 - Novo Resources Corp. (TSX-V: NVO; OTCQX: NSRPF) (\"Novo\" or the \"Company\") is pleased to announce that it has closed the first tranche (the \"First Tranche\") of its previously announced non-brokered private placement (the \"Financing\") raising gross proceeds of $1,396,100 by the issuance of 1,642,471 units (each a \"Unit\") at a price of $0.85 per Unit. Each Unit will consist of one common share and one share purchase warrant (each a \"Warrant\"), and each Warrant will entitle the holder thereof to purchase one additional common share of the Company at a price of $1.25 per share for a period of 24 months from the closing date. The Warrants are subject to an accelerated expiry whereby, starting one year from the close of the Financing, if the daily high trading price of Novo's common shares exceeds $1.65 for a period of 20 consecutive trading days, Novo may provide notice of early expiry and the Warrants will expire 30 days thereafter. \n\n\n \nBlackswan B.V. received a 5% cash finder's fee on gross proceeds raised from purchasers introduced to the Company by Blackswan B.V. In addition, finder's warrants (the \"Finder's Warrants\") equal to 5% of the number of Units sold to such purchasers were issued to a principal of Blackswan B.V. Apart from being non-transferable, the Finder's Warrants are subject to the same terms as the Warrants. \n\n\n \nThe securities issued in the First Tranche are subject to a statutory hold period expiring November 26, 2016.\n\n\n \nThe net proceeds from the Financing will primarily be used by the Company to explore the Blue Spec property and for general working capital purposes. \n\n\n \nEric Sprott Early Warning Disclosure\n\n \n \nEric Sprott acquired (the \"Acquisition\") ownership and control of 1,176,471 Units of the Company (for total consideration of $1,000,000) in this First Tranche of the Financing. The Acquisition represents 1.4% of the currently issued and outstanding common shares of the Company on a non-diluted basis and 2.8% on a partially diluted basis. The following information has been provided by Mr. Sprott, the accuracy of which information has not been verified by the Company.\n\n \n \nPrior to the Acquisition, Mr. Sprott beneficial...

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