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Novo Resources increases placement to C$15M

Novo Resources Corp. said April 6 that it increased the size of its previously announced private placement of units for aggregate gross proceeds of up to C$15 million, from C$8 million.

The company said it will issue up to 18,181,818 units at 66 Canadian cents each for proceeds of C$12 million. Each unit comprises of 1 share and a transferable share purchase warrant, exercisable for 24 months, to purchase 1 share at 90 cents.

Novo Resources granted a syndicate of agents, led by Red Cloud Klondike Strike Inc. and Haywood Securities Inc., an overallotment option of C$3 million, exercisable up to 48 hours before closing, to offer up to an additional 22,727,272 units.

Proceeds from the offering will be used for exploration and development of the Beatons Creek gold project in Western Australia and for general corporate and working capital.

The offer is expected to close on or around April 27.