- Wednesday, October 16, 2024
Novo Resources, a gold exploration company listed in Canada since 2010, announced its plans for a dual listing on the Australian Securities Exchange (ASX). To support its application, the company aims to raise AUD 4 million ($2.6 million) through the issuance of Chess depositary interests (CDIs). The financial instruments will be offered at AUD 0.20 each, with the option to accept oversubscriptions to raise an additional AUD 3.5 million.
The offer will be open from August 10th to September 1st. However, Novo's public offering in Australia is contingent upon raising a minimum subscription of AUD 4 million and receiving ASX approval for its listing application.
Once the funds are raised, Novo intends to utilize them alongside its existing cash reserves to finance its exploration efforts. Notably, the company recently formed a joint venture with De Grey Mining, granting the Australian gold developer the opportunity to earn a 50% interest in the venture by investing up to AUD 25 million in exploring Novo's Becher gold project and the surrounding land in Western Australia over a period of four years.
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