VANCOUVER, December 3, 2013 - Novo Resources Corp. (CNSX: NVO; OTCQX: NSRPF) reports the exercise of 93% of the 14,782,500 share purchase warrants issued in a private placement which closed on November 30, 2011 (see Novo's news release of November 30, 2011), raising gross proceeds of $8,268,000. The remaining warrants have expired. The gross proceeds mentioned above includes the warrant exercise discussed in Novo's news release dated September 12, 2013. Novo's current cash balance stands at approximately $10.96 million.
"We are grateful for the resounding support from our shareholders as expressed by the exercise of the vast majority of these warrants," commented Dr. Quinton Hennigh, President, CEO and Director of Novo. "We are in a very strong position with $10.96 million in the bank. This money will allow us to advance work on our existing properties and also look at opportunities to potentially expand our land position or acquire assets that could compliment the value we are building in the Pilbara. It is in distressed times such as these in which the best values can be found."
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. The Company presently has joint ventures earning a 70% interest two exploration properties, Beatons Creek and Marble Bar, situated in Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail [email protected].
On Behalf of the Board of Directors,
Novo Resources Corp.
"Quinton Hennigh"
Quinton Hennigh
CEO and President
The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.