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Novo Resources plans C$8M placement for Beatons Creek work programs

Novo Resources Corp. said March 30 that it plans to raise up to C$8 million from a private placement of units priced at 66 cents apiece, to fund exploration and development at the Beatons Creek gold project in Western Australia and for general corporate and working capital purposes.

Each unit will comprise one share and and one transferable share purchase warrant, with each warrant exercisable at 90 cents per share within two years following closing.

The company appointed a syndicate of agents led by Red Cloud Klondike Strike Inc. to conduct the offering. The agents will have an option to place up to an additional C$2 million of units, exercisable in whole or in part, at any time up to 48 hours prior to closing.

The offering is expected to close by April 27.