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Novo Resources looking to raise C$3M in nonbrokered private placement

Novo ResourcesCorp. is looking to raise gross proceeds of about C$3 million in anonbrokered equity private placement.

The company plans to undertake the private placement to issue3,529,411 units at 85 cents per unit. Each unit will consist of 1 common shareand 1 share purchase warrant. Each warrant will allow the holder to buy 1additional common share at C$1.25 per share for up to 24 months from closing.

Novo Resources plans to use the net proceeds mainly forexploring its Blue SpecShear property in Western Australia and for general working capital.