The share sale will be conducted in two tranches. The first tranche will consist of 8.25 million NFG shares priced at C$8.35 for gross proceeds of C$68.9 million, and is scheduled for completion on April 27. The second tranche totals 6.75 million NFG shares priced at C$8.45 for gross proceeds of C$57 million, and is scheduled to settle on August 5.
Proceeds of the NFG share sale will be used by Novo to advance its exploration efforts across the Pilbara and Victoria, and to expedite a feasibility study on the Fresh component of its Beatons Creek project in Nullagine, Western Australia.
“Novo has always considered its sizeable investment portfolio as a means to fund growth expenditure,” Mike Spreadborough, executive co-chairman of Novo, commented. “The sale of our New Found holding at a premium of 9.3% to the closing price of C$7.68 is an excellent result and allows Novo to deleverage our balance sheet, continue to focus on…
