Novo Completes Consolidation of Belltopper Gold Project, Victoria, Australia
25 April 2023 - 12:10AM
Novo Resources Corp. (
“Novo” or
the
“Company”) (TSX: NVO, NVO.WT & NVO.WT.A)
(OTCQX: NSRPF) is pleased to advise that it has completed the
previously announced1 consolidation of the Belltopper gold project
(“
Belltopper”) in the Bendigo region of Victoria,
Australia via the acquisition of residual 50% joint venture
interests in the Queens gold project (“
Queens”)
from Kalamazoo Resources (ASX:KZR) (“
Kalamazoo”)
and the Malmsbury gold project (“
Malmsbury”) from
GBM Resources (ASX:GBZ) (“
GBM”) (collectively, the
“
Transaction”).
The Toronto Stock Exchange has accepted notice
of the Transaction and conditionally approved the listing of the
common shares issued under the Transaction.
While written consents and approvals from the
Victorian Department of Jobs, Precincts and Regions have not yet
been received, the Transaction can complete on the basis that
Kalamazoo and GBM hold the residual interests in Queens and
Malmsbury (respectively) in trust for the Company until written
consents and approvals are received. Kalamazoo and GBM shall
continue to seek requisite consents and approvals on a best efforts
basis and shall do everything reasonably requested by the Company
to obtain requisite consents and approvals.
MALMSBURY PROJECT
Novo has paid A$1 million and issued 4,037,872
common shares and 2,018,936 transferable common share purchase
warrants (collectively, the “GBM Securities”) to
GBM for its residual 50% interest in Malmsbury, with each warrant
entitling GBM to purchase one additional common share of the
Company at a price of C$0.60 until April 24, 2025. All of the GBM
Securities, and any common shares of the Company issued upon
exercise of such warrants, are subject to a statutory hold period
expiring on August 25, 2023, along with an additional contractual
hold period expiring on April 24, 2024.
In addition, the previously agreed2 2.5% maximum
net smelter returns royalty has been retained by GBM. Malmsbury is
potentially encumbered by certain pre-existing royalties for which
GBM has indemnified Novo.
QUEENS PROJECT
Novo has paid A$0.75 million and issued
2,088,554 common shares (the “Kalamazoo
Securities”) to Kalamazoo for its 50% interest in Queens
on an encumbrance-free basis. The royalty previously held by
Kalamazoo3 has been terminated in conjunction with this
acquisition. All of the Kalamazoo Securities are subject to a
statutory hold period expiring on August 25, 2023, along with an
additional contractual hold period expiring on April 24, 2024.
MANAGEMENT CHANGE
Novo also announces that Ronan Sabo-Walsh has
advised the Company of his decision to resign as Chief Financial
Officer and Corporate Secretary to pursue other business
opportunities. Mr. Sabo-Walsh will continue to serve in his current
capacity and assist with the transition of leadership until his
departure by July 2023. The Company would like to thank Mr.
Sabo-Walsh for his invaluable contributions throughout his tenure
at Novo and wish him all the best with his future endeavours.
ABOUT NOVO
Novo explores and develops its prospective land
package covering approximately 10,500 square kilometres in the
Pilbara region of Western Australia, along with the 22 square
kilometre Belltopper Project in the Bendigo Tectonic Zone of
Victoria, Australia. In addition to the Company’s primary focus,
Novo seeks to leverage its internal geological expertise to deliver
value-accretive opportunities to its stakeholders. For more
information, please contact Michael Spreadborough at
+61-419-329-687 or mike.spreadborough@novoresources.com, or Leo
Karabelas at +1-416-543-3120 or leo@novoresources.com.
On Behalf of the Board of Directors,
Novo Resources Corp.“Michael
Spreadborough”Michael SpreadboroughExecutive Co-Chairman and Acting
CEO
Forward-looking information
Some statements in this news release contain
forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, that
Kalamazoo and GBM shall continue to seek requisite consents and
approvals from the Victorian Department of Jobs, Precincts and
Regions on a best efforts basis and shall do everything reasonably
requested by the Company to obtain such requisite consents and
approvals. These statements address future events and conditions
and, as such, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
Such factors include, without limitation, customary risks of the
resource industry and the risk factors identified in Novo’s annual
information form for the year ended December 31, 2022, which is
available under Novo’s profile on SEDAR at www.sedar.com.
Forward-looking statements speak only as of the date those
statements are made. Except as required by applicable law, Novo
assumes no obligation to update or to publicly announce the results
of any change to any forward-looking statement contained or
incorporated by reference herein to reflect actual results, future
events or developments, changes in assumptions or changes in other
factors affecting the forward-looking statements. If Novo updates
any forward-looking statement(s), no inference should be drawn that
the Company will make additional updates with respect to those or
other forward-looking statements.
1 Refer to the Company’s news release dated March 9, 2023. 2
Refer to the Company’s news release dated May 13, 2021. 3 Refer to
the Company’s news release dated March 22, 2021.
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