VANCOUVER, British Columbia, Aug. 12, 2022 (GLOBE NEWSWIRE) — Novo Resources Corp. (“New” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that it has completed the repayment of its US$40 million senior secured credit facility ( “Credit facility”) with Sprott Resource Lending Corp. (“Sprott”) following the completion of the sale of the Company’s investment in New Found Gold Corp.1. The Company no longer has any long-term debt, with an unaudited consolidated cash balance of C$76.6 million.
The Company has paid an aggregate amount of US$40,144,029 to Sprott in satisfaction of all outstanding amounts, including all accrued interest, on the credit facility. No prepayment penalty was paid. The Company is in the process of discharging all security previously granted to Sprott under the credit facility.
Novo operates its flagship Beatons Creek project while exploring and developing its prospective land package covering approximately 11,000 square kilometers in the Pilbara region of Western Australia. In addition to the company’s primary focus, Novo seeks to leverage its in-house geological expertise to deliver value-added opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or email email@example.com.
On behalf of the Board of Directors,
Novo Resources Corp.
Executive Co-Chairman and Interim CEO
1 Refer to the Company’s press release dated August 8, 2022.