Novo Resources Corp (TSX: NVO & NVO.WT.A) (OTCQX: NSRPF) marked the completion of its Initial Public Offering (IPO) on Wednesday, September 6, 2023, raising A$7.5 million before costs. The IPO was led by Argonaut PCF and was oversubscribed, issuing 37,500,000 common shares at A$0.20 per share. These shares were settled in the form of CHESS Depositary Interests (CDIs), issued in a 1:1 ratio with common shares.
The IPO was only open to residents of Australia, and the funds were raised ahead of the commencement of trading and dual listing on the Australian Securities Exchange (ASX). Novo Resources Corp is on track to complete its ASX listing, with trading in the company's securities under the ticker code ASX:NVO scheduled to commence at 11:00am on Monday, September 11, 2023 AEST. This is subject to the company satisfying the remaining conditions for admission and quotation.
Novo Resources Corp explores and develops a prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia. The company also manages the 22 square kilometre Belltopper Project in the Bendigo Tectonic Zone of Victoria, Australia. Leveraging its internal geological expertise, Novo seeks to deliver value-accretive opportunities to its stakeholders.
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