VANCOUVER, BC / ACCESSWIRE / July 17, 2014 / Novo Resources Corp. (CSE: NVO; OTCQX: NSRPF) ("Novo" or the "Company") has given notice of the acceleration of the expiry of share purchase warrants issued as part of a brokered private placement that closed on December 12, 2012 (the "Warrants"). The Warrants are exercisable at a price of $0.90 per share. Notice of the acceleration of the expiry of the Warrants is being mailed to registered holders of the Warrants.
The terms of the Warrants include an acceleration clause such that if the volume weighted average trading price of Novo's common shares on the Canadian Securities Exchange is $1.20 or higher for at least 20 consecutive trading days, it may accelerate the expiry date of the Warrants upon 30 days' notice to the holders (the "Acceleration Clause").
The Company's common shares have traded in excess of $1.20 for a considerable period of time. In order to encourage the exercise of the Warrants in a timely manner which will provide a quick and cost effective pool of funds for Novo to use to aggressively pursue its corporate goals, Novo has elected to invoke the Acceleration Clause. The new expiry date of the Warrants is August 21, 2014.
Warrant holders may exercise their Warrants by surrendering to the Company, before 5:00 pm (Vancouver time) on August 21, 2014, at Suite 1980, 1075 West Georgia Street, Vancouver, British Columbia, Canada, V6E 3C9, the Warrant certificate, together with (i) a duly completed and executed exercise form in the form attached to the Warrant certificate; (ii) the original Warrant certificate; and (iii) a certified cheque, bank draft, cash or money order in lawful money of Canada payable to Novo Resources Corp. in an amount equal to the purchase price for the number of shares subscribed for.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. The company presently has multiple joint ventures earning a 70% interest in approximately 20,000 square kilometers of the Pilbara region, 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.
CEO and President
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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