Novo Resources Completes Second Tranche of Placement
Novo Resources (NVO.TO) has completed the second tranche of its previously announced placement to raise $1.93 million in proceeds.Under the second tranche, the company issued 8.0 million units at C$0.10 per unit to investors in Canada. Each unit comprised one share and one-half of a warrant.The offering also included 10.9 million chess depository interests (CDI) at A$0.105 apiece to investors outside of Canada, together with the right to receive one option to purchase one CDI for every two CDIs subscribed for under the placement.Each option entitles the holder to purchase one CDI at a price of A$0.15 for three years. One common share underlies each CDI.Northern Star Resources participated in the tranche two placement to remain as Novo's largest shareholder with a 9.87% stake.The first tranche completed in March comprised 8.4 million units at C$0.10 each to investors in Canada and 50.6 million CDIs at A$0.105 per CDI to investors outside of Canada.
