Toronto, Ontario--(Newsfile Corp. - December 6, 2019) - Eric Sprott announces that, on December 5, 2019, he donated 5,686,276 common shares of Novo Resources Corp. to The Sprott Foundation (which he controls) resulting in a decrease in beneficial holdings of approximately 3.2% of the outstanding common shares. Prior to the donation of common shares, Mr. Sprott beneficially owned and controlled 23,378,730 Shares and 400,000 common share purchase warrants representing approximately 13.1% of the outstanding common shares on a non-diluted basis and approximately 13.3% on a partially diluted basis assuming exercise of his warrants.
As a result of the donation, Mr. Sprott now beneficially owns and controls 17,692,454 common shares and 400,000 common share purchase warrants representing approximately 9.9% of the outstanding Shares on a non-diluted basis and approximately 10.1% on a partially diluted basis, but still controls 5,686,276 common shares representing a total of 13.3% of the outstanding common shares on a partially diluted basis.
Mr. Sprott has a long-term view of his investment in Novo Resources and may acquire additional securities of Novo Resources including on the open market or through private acquisitions or sell securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Novo Resources is located at 595 Burrard St., Suite 2900, Vancouver, British Columbia, V7X 1J5. A copy of Mr. Sprott's early warning report will appear on Novo Resource's profile on SEDAR at www.sedar.com may also be obtained by calling Mr. Sprott's office at (416) 945-4294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).