IPOS - Novo Dual Lists On ASX Following Oversubscribed A$7.5M IPO | Benzinga
HIGHLIGHTS
- Novo admitted to ASX under the ticker ‘NVO' listing 37.5 million CDIs following successful completion of dual ASX:TSX listing.
- Novo's IPO was oversubscribed raising the maximum of A$7.5 million at A$0.20 per CDI, with strong support from local institutional and sophisticated investors.
- ASX listing opens up a more ready accessible Australian capital base to Novo, with greater access to liquidity and increased exposure to Australian institutional investors.
- Novo welcomes key investors First Sentier Investors Ltd, Lazarus Securities Partners Ltd and Harmanis Holdings Pty Ltd to its loyal shareholder base which includes De Grey Mining Limited (ASX:DEG), Heritage Capital Management (IMC Holdings), Liatam Mining Pty Ltd and Yandal Investments Pty Ltd.
- Novo owns a highly prospective 10,500 sq km Pilbara, Western Australia, exploration portfolio, with a strong focus on the Nunyerry and Balla Balla Projects - both located in the East Pilbara.
- Novo has a strong balance sheet with no debt, cash and marketable securities of A$51.75 million and is focused on executing its growth strategy aiming to identify and define deposits with +1 Moz development potential.
- Egina JV partner De Grey planning ~39,000 m of aircore, RC and diamond drilling to commence this month, with a primary focus on the Becher Project.
- Exploration programs also set to commence at Nunyerry North in September 2023, Balla Balla in Q4 2023 and at the Belltopper Gold Project (Victoria) in October 2023. Belltopper is located ~50 km south of Agnico Eagle's Fosterville Gold Mine in the Bendigo Tectonic Zone (which zone has seen 60 Moz AU historical production).
VANCOUVER, British Columbia, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Novo Resources Corp. (Novo" or the "Company) ((ASX: NVO, TSX:NVO, &, NVO.WT.A)) (OTCQX:NSRPF) is pleased to announce the Company has successfully listed on the ASX, with trading in Novo's securities having commenced on Monday, 11 September 2023 under the ticker ‘NVO'.
Novo's Initial ASX Public Offering (IPO) closed early and listing on the ASX followed completion of a A$7.5 million raise, before costs, through the issue of 37,500,000 shares (settled on the ASX in the form of CHESS Depositary Interests (or CDIs) at A$0.20 per CDI). The CDIs are issued in the ratio of 1 CDI for 1 Novo share. The IPO was led by Argonaut PCF.
Novo is a leading Western Australian gold explorer which owns a 10,500 sq km Pilbara exploration portfolio and the Belltopper Gold Project in Victoria. The Company has a well-defined growth strategy of seeking to identify and define deposits with material development potential.
Novo's portfolio Includes key Pilbara, Western Australia, projects such as Becher, Nunyerry North and Balla Balla.
Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said this was an exciting milestone for Novo and the Company looks forward to continuing to deliver value to its new and existing shareholders through the ASX listing.
"We are delighted to be listed on the ASX and I would like to welcome all new shareholders to Novo, the future is very exciting. I would also like to extend my thanks to all the many people involved in getting us to this stage and acknowledge all the hard work that went into getting us ASX ready.