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Novo Resources Progresses ASX Dual Listing With Lodgement of Prospectus
HIGHLIGHTS Novo has lodged a Prospectus with the Australian Securities and Investments Commission (“ASIC”) to undertake an initial public offering (“IPO”) in Au
About this update from Novo Resources Corp.
[{"type":"text","content":" HIGHLIGHTS Novo has lodged a Prospectus with the Australian Securities and Investments Commission (“ASIC”) to undertake an initial public offering (“IPO”) in Australia of Chess Depositary Interests (“CDIs”) and to seek to dual list on the Australian Securities Exchange (“ASX”) The Novo Board believes listing on the ASX will: Enhance the profile of Novo across a broader range of stakeholders Increase liquidity and allow access to potential new sources of equity Engage and attract institutional investment and equity research coverage Novo has been listed in Canada since 2010 and in the US on the OTCQX since 2012, has developed a supportive, long-term investor base, and intends to maintain its TSX and OTCQX listings The ASX is a natural fit for Novo to list and grow, given historical local investor appetite for new mining discoveries with exploration upside Prospectus lodgement follows Novo’s major earn-in and joint venture agreement with leading Western Australian gold developer De Grey Mining Ltd (ASX: DEG) (“De Grey”) who have undertaken to spend up to A$25 million on exploration of Novo’s Becher Gold Project and adjacent tenements, including satisfaction of minimum expenditure commitments on such tenure. In June 2023, De Grey made a cornerstone investment of A$10 million in Novo to become the Company’s largest shareholder with an undiluted 11.6% interest1 Becher is located only ~ 28 km WSW of De Grey’s 11.7 Moz Au (JORC 2012)2 Mallina Gold Project Becher target style of mineralisation includes both structurally controlled orogenic gold and orogenic intrusion-hosted gold, similar mineralisation styles to those at the Hemi gold deposit2 The Company is seeking to raise gross proceeds of A$4.0 million (approximately C$3.5. million)3 through the issue of 20 million CDIs at an offer price of A$0.20 (approximately C$0.18) per CDI (“Offer Price”), with the ability to accept over-subscriptions to raise an additional A$3.5 million (approximately C$3.1 million) through the issue of an additional 17.5 million CDIs IPO offer proceeds are expected to support Novo’s 12-month exploration strategy The offer period is currently scheduled to open on August 10, 2023 and is expected to close on September 1, 20234 The IPO is conditional on the Company raising its minimum subscription (A$4.0 million, before costs) and ASX approving the Company’s app...