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Novo Resources Announces Strategic Investment & Advancement of Battery Minerals Strategy
HIGHLIGHTS Liatam Mining Pty Ltd (“Liatam”), Australian-based manager of the Bald Hill lithium and tantalum mine in Western Australia, will make a strategic inv
About this update from Novo Resources Corp.
[{"type":"text","content":" HIGHLIGHTS Liatam Mining Pty Ltd (“Liatam”), Australian-based manager of the Bald Hill lithium and tantalum mine in Western Australia, will make a strategic investment of C$5 million in Novo (the “Financing”) through the purchase of 12,820,512 units of Novo at C$0.39 per unit (each, a “Unit”), representing an undiluted 4.9% post-Financing position in Novo The Unit price represents a 26% premium to Novo’s closing price on December 14, 2022 and Novo’s 30-day trailing volume-weighted average price (“VWAP”), and the Financing is subject to a contractual hold period expiring June 30, 2023 Each Unit will consist of one common share of Novo and one-quarter of one common share purchase warrant (each a “Warrant”). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at a price of C$0.60 per share for a term of two years following the closing of the Financing Simultaneously, Novo is accelerating exploration and evaluation of its prospective battery minerals tenements via an earn-in agreement whereby Liatam will have the right to incur A$1.5 million in exploration expenditure over 24 months (the “Earn-In”) to earn an 80% interest in battery mineral rights (the “Battery Minerals JV”) in the Quartz Hill project (“Quartz Hill”) immediately south of Novo’s Nullagine Gold project (“NGP”) Novo will be free-carried to the earlier of a bankable feasibility study or A$20 million in aggregate expenditure at Quartz Hill; Novo retains a 20% interest in the Battery Minerals JV, 100% interest in gold and silver rights, or to elect to convert the 20% interest in the Battery Minerals JV into a royalty right Liatam also granted an option over Novo’s Pilbara tenure, subject to certain exclusions, to add lithium rights to the Earn-In VANCOUVER, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to welcome Liatam as a new shareholder and project investor at Quartz Hill. “Novo is thrilled to welcome Liatam as a new shareholder and project investor at Quartz Hill,” commented Mr. Mike Spreadborough, Novo’s Executive Co-Chairman and acting Chief Executive Officer. “Liatam brings significant exploration and operational experience and success from the Bald Hill lithium and tantalum operation in Western Australia a...