VANCOUVER, British Columbia, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has completed the acquisition of the issued and outstanding shares of Farno McMahon Pty Ltd (“Farno”) as described in the Company’s news release dated September 17, 2018. Completion of the acquisition was subsect to the completion of certain conditions precedent and regulatory approvals which have all been finalized and received.
The Company paid AUD $150,000 in cash to Farno upon execution of an initial agreement. The Company also paid a further AUD $2.35 million in cash to the shareholders of Farno and issued 1,252,895 common shares (the “Consideration Shares”) to the shareholders of Farno. All Consideration Shares are subject to a statutory hold period expiring on February 1, 2019.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
Chairman and President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.