Eric Sprott Announces Investment in Novo Resources Corp. - Erie News Now | WICU & WSEE in Erie, PA

Eric Sprott Announces Investment in Novo Resources Corp.

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Toronto, Ontario--(Newsfile Corp. - October 5, 2017) - Eric Sprott announces that, between August 15, 2017 and September 29, 2017, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 1,208,500 common shares of Novo Resources Corp. over the TSX Venture Exchange and 2,772,000 common share purchase warrants pursuant to a purchase and sale agreement (representing in total approximately 0.8% of the outstanding shares on a non-diluted basis and 2.6% on a partially diluted basis) at prices ranging from $3.90 to $6.33 per share and $2.10 for the warrants, for aggregate consideration of approximately $11,090,286.

Mr. Sprott now owns or controls 13,005,692 shares and 10,723,038 warrants (representing approximately 9.1% on a non-diluted basis and 15.5% on a partially diluted basis assuming exercise of such warrants). Prior to these acquisitions, Mr. Sprott beneficially owned or controlled 11,797,192 shares and 7,951,038 warrants (representing approximately 8.3% on a non-diluted basis and 13.2% on a partially diluted basis based on the current number of outstanding shares, but approximately 9.8% and 15.4%, respectively, of the then outstanding shares).

The shares were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Novo Resources either on the open market or through private acquisitions or sell securities of Novo Resources either 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 1075 West Georgia Street, Suite 1980, Vancouver, British Columbia, V6E 3C9. A copy of 2176423 Ontario's early warning report will appear on Novo Resource's profile on SEDAR at www.sedar.com and may also be obtained by calling (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J2).

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