Toronto, Ontario--(Newsfile Corp. - November 6, 2020) - Eric Sprott wishes to clarify certain information appearing in the news release issued yesterday regarding his holdings in Novo Resources Corp. On November 5, 2020, The Sprott Foundation, which he controls, sold 40,300 common shares (shares) of Novo Resources over the TSX Venture Exchange (representing approximately 0.015% of the outstanding shares on a non-diluted basis) at a price of $ 3.65 per share for aggregate consideration of $147,095.00.
As a result of the sale and previous share issuances by Novo Resources, Mr. Sprott's beneficial ownership of shares decreased to below 10% and, therefore, requires the filing of an update to the prior early warning report.
Prior to the sale, Mr. Sprott beneficially owned or controlled 22,965,930 shares, representing approximately 8.67% of the outstanding shares. Mr. Sprott now beneficially owns or controls 22,925,630 shares, representing approximately 8.65% of the outstanding shares.
The shares were sold, through The Sprott Foundation for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Novo Resources including on the open market or through private acquisitions or sell securities of Novo Resources including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Novo Resources, is located at 880 - 580 Hornby Street, Vancouver, British Columbia, V6C 3B6, A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67696