Gold explorer Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has completed the second tranche of its previously announced A$8.2 million placement, raising ~C$1.93 million (around A$1.95 million) following shareholder approval at its recent annual general meeting.
The tranche 2 completion follows settlement of the first tranche in March, which raised about A$6.2 million, with the combined proceeds earmarked to accelerate drilling and exploration activities across Novo’s Pilbara and Victorian gold projects.
The company said tranche 2 comprised the issue of about 8 million units to Canadian investors at C$0.10 each and roughly 10.9 million CHESS Depository Interests (CDIs) to investors outside Canada at A$0.105 each.
Northern Star maintains cornerstone position
Northern Star Resources participated in the latest tranche of the placement and remains Novo’s largest shareholder with a holding of about 9.87%, according to the company.
Novo recently regained full control of the Egina gold project after Northern Star elected not to proceed with an earn-in agreement, returning 100% ownership of the Pilbara asset to Novo.
The company said shareholder approval for tranche 2 and associated option issues was received at its AGM held on May 21 in Vancouver and May 22 in Perth.
Drilling pipeline builds across key gold projects
Novo has been positioning for an active exploration period after upsizing its capital raising amid strong investor demand.
The company has been ramping up drilling efforts across its broader gold portfolio, with work under way at several Pilbara projects as well as the Belltopper gold project in Victoria.
Management recently outlined plans for a busy 2026 field season, targeting new discoveries and resource growth opportunities across its Australian exploration assets.
Options issued under the placement and to joint lead managers Canaccord Genuity (Australia) and Alpine Capital will be listed on the ASX under the ticker “NVOO”, carrying an exercise price of A$0.15 and expiring on March 18, 2029.