Gold Rush11 Aug 2017 15:50
You bet -VANCOUVER, British Columbia, Aug. 11, 2017 (GLOBE NEWSWIRE) -- Novo Resources Corp. (TSX-V:NVO) (OTCQX:NSRPF) (“Novo” or the “Company”) is pleased to announce that Novo and one of its Australian subsidiaries have entered into an option agreement (the “Agreement”) with an arm’s length party (the “Optionor”) for the option to acquire the Optionor’s interest in certain tenements (the “Option”) in the Karratha region of Western Australia (the “Pipeline Project”). The Pipeline Project consists of seven prospecting licences, five exploration licences, six prospecting licence applications, three exploration licence applications and a miscellaneous licence application. The Option is conditional upon various statutory and contractual approvals and consents including, but not limited to, the receipt of approval of the TSX Venture Exchange.
An option fee payment of 500,000 Novo common shares (the “Initial Shares”) will be made upon receipt of TSX Venture Exchange approval. The Initial Shares will be subject to a statutory hold period expiring four months from the date of issuance.
At any time within 12 months of signing of the Agreement, the Company has the right to exercise its Option and purchase the Pipeline Project outright, subject to the Optionor retaining certain rights described below, by issuing 2,500,000 Novo common shares (the “Option Exercise Shares”) to the Optionor. The Option Exercise Shares will be subject to a statutory hold period expiring four months from the date of issuance. Transfer to Novo of the tenements comprising the Pipeline Project will be subject to the requisite approvals of certain Australian government authorities.
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