Novo Resources Welcomes Newmont Mining Corp. as a New Shareholder and Announces $4,800,000 Raised from Warrant Exercise
VANCOUVER, September 12, 2013 - Novo Resources Corp. ("Novo" or the "Company;" CNSX: NVO; OTCQX: NSRPF) welcomes Newmont Canada FN Holdings ULC ("Newmont"), a subsidiary of Newmont Mining Corp., as a new, major shareholder. On September 4, 2013, Newmont announced that it had acquired beneficial ownership of 17.76 million (approximately 35.7% after giving effect to the exercise of certain warrants in connection with the transaction) of the outstanding common shares of Novo pursuant to private agreements with two of the Company's shareholders. Newmont has reported that it is acquiring the common shares of Novo for investment purposes and may, subject to market conditions, take other actions in respect of Novo, including making additional investments in, or effecting dispositions of, securities of Novo.
Novo also announces that 8,000,000 warrants issued through a private placement on November 30, 2011 (see news release of November 30, 2011) have been exercised for total cash consideration of $4.8 million. The remaining 6,681,200 outstanding warrants will expire at 4pm PST on November 30, 2013. Novo's cash balance currently stands at approximately $8.26 million.
"We are delighted to welcome Newmont as a new, major shareholder of Novo and to see a substantial number of our outstanding warrants exercised bringing $4.8 million into our treasury," commented Dr. Quinton Hennigh, President, CEO and Director of Novo Resources. "We view Newmont's investment in our company as a vote of support for our Pilbara project in Western Australia, and the infusion of cash will allow us to comfortably advance this exciting project."
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. The Company presently has joint ventures earning a 70% interest two exploration properties, Beatons Creek and Marble Bar, situated in Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .
On Behalf of the Board of Directors,
Novo Resources Corp.
"Quinton Hennigh"
Quinton Hennigh
CEO and President
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