Novo: Receipts Issued for Novo’s Final Short Form Prospectuses Qualifying Distribution of Common Shares and Warrants Underlying Subscription Receipts

VANCOUVER, British Columbia, Oct. 27, 2020 (GLOBE NEWSWIRE) — Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX-V: NVO) is pleased to announce that receipts have been issued for Novo’s final short form prospectuses (the “ Prospectuses ”) qualifying the distribution of an aggregate 17,192,379 units (the “ Qualified Units ”) of the Company issuable pursuant to the automatic conversion of 17,192,379 previously issued subscription receipts (the “ Subscription Receipts ”) of the Company.

The Subscription Receipts were issued on a private placement basis pursuant to prospectus exemptions on August 27, 2020 at a price of C$3.25 per Subscription Receipt for gross proceeds of approximately C$56 million in conjunction with the Company’s acquisition of Millennium Minerals Limited ( please see the Company’s news releases dated August 4 , August 27 , September 8 , and September 14 , 2020 for further details ).

Each Qualified Unit will be comprised of one common share of the Company (each, a “ Common Share ”) and one-half of one Common Share purchase warrant (each whole common share purchase warrant, a “ Warrant ”), with each Warrant exercisable into one Common Share of the Company at an exercise price of C$4.40 per share until August 27, 2023. All Subscription Receipts will be automatically converted, without any further payment or action on the part of the holders, into Qualified Units on October 30, 2020.

In accordance with the terms of a subscription receipt agreement entered into by the Company, Clarus Securities Inc. and Stifel GMP, and Olympia Trust Company (as Subscription Receipt agent), the Qualified Units will be deemed to be issued on October 30, 2020. Subscribers not holding Subscription Receipts through CDS in non-certificated form will receive certificates or DRS statements representing the Qualified Units forthwith after their deemed issuance. Subscribers with any questions are encouraged to contact Leo Karabelas at [email protected] or +1-416-543-3120.

CLICK HERE to read the full news release from Novo Resources.