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Novo debt-free after New Gold share sale

Toronto-listed, Australia-focused gold miner Novo Resources has been paid C$125.9 million for 15 million shares it owned in Canadian explorer New Found Gold, leaving the company debt-free and with a pro forma cash balance of $97 million.

Novo debt-free after New Gold share sale Novo debt-free after New Gold share sale Novo debt-free after New Gold share sale Novo debt-free after New Gold share sale Novo debt-free after New Gold share sale

Drilling at Beatons Creek, WA

The sale equates to a price of $8.39 per share, a circa 9% premium to its trading price this week, with the buyer being an Eric Sprott-controlled corporation.