Brief: Novo Resources Says De Grey Granted Right To Earn 50% Interest In Egina JV By Spending Up To A$25 Mln On Exploration Within Four Years

Novo Resources

21/06/2023 12:30

June 21 (Reuters) - De Grey Mining Ltd  DEG.AX :
    * NOVO RESOURCES - DE GREY GRANTED RIGHT TO EARN 50%
INTEREST IN
EGINA JV BY SPENDING UP TO A$25 MILLION ON EXPLORATION WITHIN
FOUR YEARS
    * NOVO RESOURCES - DE GREY WILL SEPARATELY MAKE CORNERSTONE
PRIVATE PLACEMENT INVESTMENT OF A$10 MILLION INTO NOVO AT A
PRICE OF C$0.255 PER COMMON SHARE
    * NOVO RESOURCES CORP - DE GREY WILL BECOME NOVO'S LARGEST
SINGLE
SHAREHOLDER WITH AN APPROXIMATE 11.6% POST-FINANCING UNDILUTED
INTEREST IN NOVO
    * NOVO RESOURCES - WILL NOW PARTNER WITH DE GREY TO CONTINUE
EXPLORATION EFFORTS AT BECHER
    * NOVO RESOURCES - HAS COMMENCED A PROCESS TO SEEK A DUAL
LISTING
ON AUSTRALIAN SECURITIES EXCHANGE THROUGH AN IPO
    * NOVO RESOURCES CORP - WILL COMMENCE A STRATEGIC REVIEW OF
NULLAGINE GOLD PROJECT
    * NOVO RESOURCES - DE GREY WILL MANAGE ALL EXPLORATION UNDER
EARN-IN AND BECOME MANAGER OF EGINA JV ONCE ESTABLISHED
    * NOVO RESOURCES CORP - TRANSACTION WITH DE GREY WILL RESULT
IN
NOVO HAVING AN UNAUDITED CONSOLIDATED CASH POSITION OF
APPROXIMATELY C$29.8 MILLION

Source text for Eikon:  ID:nGNX9sR1tP 
Further company coverage:  DEG.AX 

 ((reuters.briefs@thomsonreuters.com;))