VANCOUVER, British Columbia, Sept. 21, 2018 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has finalised the transaction with Pioneer Resources Limited (“Pioneer”) as described in the Company’s news release dated September 17, 2018. Completion of the transaction was subsect to TSX Venture Exchange approval which has been obtained.
The consideration payable by the Company to Pioneer includes AUD $200,000 in cash and the issuance of 100,000 common shares (the “Pioneer Shares”). The Pioneer Shares are subject to a statutory hold period expiring on January 19, 2019.
The Company also reports that it has issued 1 million common shares (the “Creasy Shares”) to Mark Gareth Creasy pursuant to an agreement signed between Mr. Creasy, the Company and Karratha Gold Pty Ltd, a subsidiary of the Company.
The Creasy Shares are subject to a statutory hold period expiring on January 7, 2019. Immediately subsequent to the issuance of the Creasy Shares, Mr. Creasy and his entities will in aggregate hold approximately 7.4% of the Company’s outstanding common shares.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail email@example.com
On Behalf of the Board of Directors,
Novo Resources Corp.
Chairman and President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.