Novo Resources Corp. (ASX: NVO | TSX: NVO | OTCQX: NSRPF) has announced the sale of ~38% of the company’s holding in privately-owned San Cristobal for gross proceeds of ~A$11.5M.
Mike Spreadborough, executive co-chairman and acting CEO said, “We are very pleased to complete this sale of our investment in San Cristobal which has resulted in approximately A$11.5M being added to our cash holding. This is an excellent outcome for the company and our shareholders. Importantly, this sale highlights the value of our investment portfolio which is valued at ~A$19M.”
The receipt of funds from the San Cristobal share sale will support Novo’s current exploration programmes across Western Australia and Victoria and the focus on identifying additional exploration opportunities. The proceeds will also be used to repay the first portion of the deferred consideration owed to IMC Holdings of A$3M due in late December 2024. Following this repayment, the outstanding amount owing to IMC will be A$12.6M which is repayable by 2026, with early repayment options.
Novo is an Australian based gold explorer listed on the ASX and the TSX which is focused on discovering standalone gold projects with > 1Moz development potential.
To find out more, please visit www.novoresources.com
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