Novo Resources Completes Acquisition of Farno-McMahon and Secures Portfolio of Tenements in Egina Region of Western Australia
TSX VENTURE: NVO
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.
On Behalf of the Board of Directors,
Novo Resources Corp.
Chairman and President
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