Novo Progresses ASX Dual Listing With Lodgement of Prospectus - Seite 2

Novo Executive Co-Chairman and Acting CEO Mike Spreadborough said a TSX/ASX dual listing is a logical progression for the Company due to historical investor appetite for exploration companies with Australian projects and will provide an excellent platform for the next phase of exploration.

“We are very excited to be taking the next step in our strategic growth plans and make the move to seek a dual listing on the ASX. We are confident that listing on the ASX will be very beneficial for Novo and our shareholders, as we look to increase liquidity, engage additional institutional investment and equity research coverage, access potential new sources of equity and enhance our profile across a broader mix of stakeholder groups.”

Novo is a greenfields gold explorer with a significant portfolio of tenements in the Pilbara region of Western Australia (covering approximately 10,500 square km), including the Company’s flagship Becher gold project located within the Egina Gold Camp, and in the Bendigo region of Victoria at the Belltopper project. Novo is engaged primarily in the business of evaluating, acquiring, and exploring natural resource properties with a focus on gold.

The Company has today (August 2, 2023) lodged a Prospectus with ASIC seeking to raise A$4.0 million (approximately C$3.5 million) through the issue of 20 million CDIs at an offer price of A$0.20 (approximately C$0.18) per CDI, with the ability to accept over-subscriptions to raise an additional A$3.5 million (approximately C$3.1 million) through the issue of an additional 17.5 million CDIs (the “Offering”) to support an application to dual list on the ASX through an IPO of CDIs. One common Share of Novo underlies each CDI. The Offering is scheduled to formally open on August 10, 2023 and is expected to close on September 1, 2023⁶. The Offering will not be made in Canada or to a resident of Canada.

Argonaut is acting as financial adviser and broker to the IPO.

Novo intends to use its existing cash reserves combined with funds raised from the Offering to fund exploration at the Company’s Egina Gold Camp including commencement of drilling at its exciting Nunyerry North project, the Balla project, the Belltopper project, and for Pilbara-wide reconnaissance, as well as general working capital and current corporate commitments. Refer to the Company’s Prospectus which will be available at www.novoresources.com and on the Company’s SEDAR+ profile at www.sedarplus.ca for further details of the Company’s objectives⁷. The Offering is conditional on Novo raising its minimum subscription (A$4.0 million, before costs) and ASX approving the Company’s application for admission to the official list of the ASX⁵.