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Novo Resources Closes Strategic C$5 Million Financing from Liatam Mining
HIGHLIGHTS Closing of C$5 million strategic investment in Novo (the “Financing”) from Liatam Mining Pty Ltd (“Liatam”), Australian-based manager of the Bald Hil
About this update from Novo Resources Corp.
[{"type":"text","content":" HIGHLIGHTS Closing of C$5 million strategic investment in Novo (the “Financing”) from Liatam Mining Pty Ltd (“Liatam”), Australian-based manager of the Bald Hill lithium and tantalum mine in Western Australia, via the issuance 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 Each Unit consists of one common share of Novo and one-quarter of one common share purchase warrant (each a “Warrant”). Each whole Warrant entitles the holder to purchase one additional common share of the Company at a price of C$0.60 per share until December 22, 2024 Liatam to advance battery mineral exploration near Novo’s Nullagine gold project by incurring A$1.5 million in exploration expenditure over 24 months at the Quartz Hill project near Nullagine, Western Australia to earn an 80% interest in battery mineral rights1 VANCOUVER, British Columbia, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that the previously announced Financing with Liatam1 has now closed. The Toronto Stock Exchange has accepted notice of the Financing and conditionally approved the listing of the common shares issued under the Financing. Accordingly, Novo has closed the Financing, raising gross proceeds of C$5 million through the issue of 12,820,512 Units at a price of C$0.39 per Unit. All of the Units were subscribed for by Liatam. The Financing was conducted at a 26% premium to Novo’s closing price on December 14, 2022 and Novo’s 30-day trailing volume-weighted average price through the same date. Each Unit consists of one common share of Novo and one-quarter of one Warrant. Each whole Warrant entitles Liatam to purchase one additional common share of the Company at a price of C$0.60 per share until December 22, 2024. Argonaut PCF Limited (“Argonaut”) of Perth, Western Australia received a cash finder’s fee of C$0.25 million, along with 641,025 finder’s warrants (the “Finder’s Warrants”). Apart from being non-transferable and expiring on December 22, 2025, the Finder’s Warrants are subject to similar terms as the Warrants. All of the securities issued and issuable in the Financing are subject to a statutory hold period expiring on April 23, 2023, along with an additional contractual hold period ex...