Mr. Michael Spreadborough reports
NOVO COMPLETES FULL REPAYMENT AND RETIREMENT OF US$40 MILLION SPROTT LENDING CREDIT FACILITY
Novo Resources Corp. completed repayment of its senior secured $40-million (U.S.) credit facility with Sprott Resource Lending Corp. subsequent to the completion of the sale of the company's New Found Gold Corp. investment. The company is now free of long-term borrowings, with an unaudited consolidated cash balance of $76.6-million (Canadian).
The company paid an aggregate amount of $40,144,029 (U.S.) to Sprott in satisfaction of all amounts outstanding, including all accrued interest, on the credit facility. No early repayment penalties were paid. The company is in the process of discharging all security previously granted to Sprott in connection with the credit facility.
About Novo Resources Corp.
Novo operates its flagship Beatons Creek project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders.
© 2022 Canjex Publishing Ltd. All rights reserved.