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Novo Resources Corp. Reports Closing of Second Brokered Private Placement21.12.2012 | 21:16 Uhr | The Newswire
VANCOUVER, December 21, 2012 - Novo Resources Corp. ("Novo") (CNSX: NVO; OTCQX: NSRPF) is pleased to report that it has closed its previously announced brokered private placement (the "Financing") raising gross proceeds of $1,000,025, in escrow, by the issuance of 1,538,500 subscription receipts (each a "Receipt") at a price of $0.65 per Receipt. Each Receipt will be convertible, at no additional cost, into one unit (each a "Unit") upon the satisfaction of certain conditions. Each Unit will consist of one common share and one common share purchase warrant (each a "Warrant") of Novo. Each Warrant will entitle the holder thereof to purchase one additional common share of Novo at a price of $0.90 per share for a period of 24 months from the date of issue. The Warrants will be subject to an accelerated expiry whereby if, at any time following the expiry of the statutory hold period, the volume weighted average trading price of Novo's common shares is equal to or exceeds $1.20 for any 20 consecutive trading days, Novo may give notice to the Warrant holders that the Warrants will expire on the 31st calendar day following the date of the notice.
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