Novo will continue to focus on exploration with drilling programs planned for Nunyerry North and Balla Balla in the Pilbara, and Belltopper in Victoria in the second half of 2023.The exploration success at Becher is testament to the credentials of Novo’s experienced management and exploration team that will continue to focus on opportunities for major gold discoveries.Novo will commence a strategic review of the Nullagine Gold Project to assess value maximising options for shareholders.A listing on the ASX would complement Novo’s current TSX and OTCQX listings and is a logical next step given the location of Novo’s assets.Argonaut has been appointed lead manager to the IPO.Novo has commenced a process to seek a dual listing on the Australian Securities Exchange (“ASX”) through an initial public offering (“IPO”), with further updates to follow.De Grey has also been granted a financing participation right and board nomination right and will be subject to extended contractual hold period and orderly sale restrictions subsequent to expiry of such hold period.The cornerstone private placement to De Grey will be completed at Novo's current spot price of C$0.255 per common share.The cornerstone investment underpins Novo’s exciting exploration portfolio and growth strategy.De Grey has separately agreed to take a cornerstone investment of A$10 million in Novo common shares for an approximate 11.6% post-financing undiluted interest in Novo and will become the Company’s largest single shareholder.Novo’s exploration program to date has confirmed that Becher has the geological indicators of potential discovery success.Novo’s flagship Becher tenements are adjacent to De Grey’s 11.7 Moz Au (JORC 2012) 1 Mallina Gold Project on which De Grey expects to release a Definitive Feasibility Study in Q3 2023.De Grey will manage all exploration under the earn-in and become the manager of the Egina JV once established.De Grey will earn a 50% direct stake in the relevant tenements by spending A$25 million on exploration within four years, with a minimum commitment of A$7 million within 18 months, at which time the 50/50 Egina JV will be established. ![]() ![]() km, through an earn-in and joint venture (“ Egina JV”) under a binding Heads of Agreement (the “ Agreement”). Major Western Australian gold developer De Grey Mining Ltd (ASX: DEG) (“De Grey”) to spend up to A$25 million on exploration of Novo’s Becher Gold Project (“Becher”) and adjacent tenements, encompassing approximately 1,000 sq.
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