Novo Assets will elevate A$4 million to help the Australian itemizing

Written by Rob M. Stewart

Novo Assets is shifting forward with plans for a twin itemizing and can search to lift A$4 million ($2.6 million) via a chess depository rights concern to help its software to affix the Australian Inventory Alternate.

The gold explorer, listed in Canada since 2010, stated it could concern 20 million monetary devices at A$0.20 every, with the flexibility to simply accept oversubscriptions to lift one other A$3.5 million with the sale of extra CDIs.

The present is scheduled to open on August 10 and shut on September 1. Novo’s public providing in Australia is conditional on elevating the minimal subscription of A$4 million and approval of the itemizing software by the ASX.

Novo plans to make use of the funds raised together with current money reserves to fund exploration efforts.

The corporate just lately entered right into a three way partnership with De Grey Mining that offers the Australian gold developer the fitting to earn a 50% stake within the venture by spending as much as A$25 million on exploration of the Novo Becher gold venture and adjoining lands in Western Australia over 4 years.

Write to Robb M. Stewart at robb.stewart@wsj.com

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