Novo: Completes Acquisition of Millennium Minerals Limited (!)

VANCOUVER, British Columbia, Sept. 08, 2020 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO) is pleased to announce that it has completed the acquisition of all of the outstanding shares of privately held Millennium Minerals Limited (“Millennium”) from IMC Resources Gold Holdings Pte Ltd, Heritas Capital Management (Australia) Pty Ltd, and IMC Resources Ltd (collectively, “IMC”) (the “Acquisition”) first announced in the Company’s news release dated August 4, 2020.

All amounts are in United States dollars unless indicated otherwise.

The Company is also pleased to announce that it has closed the initial tranche of its $60 million four-year credit facility (the “Sprott Facility”) with Sprott Private Resource Lending II (Collector), LP (“Sprott”). The funds are available in two tranches, with the first $35 million (subject to a lender’s 12.286% cash discount for net proceeds of $30.7 million) drawn down and the remaining $25 million (subject to a lender’s 2% cash discount) available to be drawn until March 31, 2021, at Novo’s sole discretion, upon delivery of a pre-feasibility study acceptable to Sprott on the Company’s Beatons Creek gold project and the satisfaction of certain other conditions. The Company will also pay to Clarus Securities Inc. and Stifel GMP a 4.5% cash fee on amounts drawn under the Sprott Facility.

CLICK HERE TO READ THE FULL NEWS RELEASE FROM NOVO RESOURCES.