On August 27, 2020, Novo Resources Corp. closed a brokered and concurrent non-brokered private placement for a total of 17,192,379 subscription receipts at a price of $3.25 per subscription receipt for total gross proceeds of approximately $56 million.
The brokered offering was conducted through a syndicate of agents co-led by Clarus Securities Inc. and Stifel GMP, together with PI Financial Corp., CIBC Capital Markets and Haywood Securities Inc.
Cassels acted for the agents with a deal team that included Jay Goldman, Nancy Choi, Florence Lau and Heesoo Kim (Securities and Mining).