Financings

Completion of Tranche 1 of Placement and Valuation Update

By The Northwire Desk — AI Analysis Mar 06, 2026 · 08:52 NVO · 0.11 Novo Resources Corp.

NVO · Price

Tranche 1 of Novo Resources Corp.’s private placement closed, raising approximately C$5.90 million (≈A$6.20 million).
The raise consisted of ~8.4 million units at C$0.10 each (each unit = 1 Common Share + 0.5 warrant) sold to Canadian investors and ~50.6 million Chess Depository Interests at A$0.105 each sold to non‑Canadian investors.
The company disclosed upcoming valuation adjustments: a C$12.84 million impairment on its Elementum 3D investment and a C$10.36 million impairment on tenements held as of 31 Dec 2025, to be reflected in the FY 2025 financial statements.

Placement Structure:
~8.4 m units @ C$0.10 per unit → total C$0.84 m; each unit includes one Common Share and a half‑share purchase warrant.
~50.6 m Chess Depository Interests (CDIs) @ A$0.105 per CDI → total ≈A$5.31 m (≈C$5.06 m).
Gross Proceeds: Approximately C$5.90 million (≈A$6.20 million).
Use of Proceeds: Not explicitly stated; typical for placements – to fund working capital, exploration activities and general corporate purposes.
Tranche 2: Subject to shareholder approval at the Annual General Meeting anticipated in May 2026.
Valuation Update – Elementum 3D:
Impairment of C$12.84 million (A$13.18 million) on the unlisted 3‑D printing materials technology company investment, reflecting current market conditions.
Tenement Impairments:
Additional impairment of C$10.36 million (A$10.67 million) for tenements relinquished or sold during FY 2025, to be recorded in the year‑end financial report.
Reporting Timeline: Updated financial statements for the year ended 31 Dec 2025 will be finalised, approved and released shortly.

(No direct quotes were provided in the release.)

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