Kalamazoo Adds Novo Resources and Eric Sprott as Investors

- January 16th, 2020

Kalamazoo Resources has received combined investments of AU$8.0 million from Novo Resources Corp and investor Eric Sprott.

Kalamazoo Resources (ASX:KZR) announced that it has received firm commitments to raise AU$8.0 million via a placement of 20 million ordinary fully paid shares
and 20 million attaching unlisted options to Novo Resources Corp (TSXV:NVO,OTCQX:NSRPF) and investor Eric Sprott.

Highlights are as follows:

  • Canadian listed gold explorer Novo Resources and Eric Sprott each subscribe to 10 million Kalamazoo shares at AU$0.40 per share to raise AU$8.0 million.
  • Novo has a market capitalisation of ~C$600 million (US$460 million).
  • Each new share issued will have an attaching option, exercisable at AU$0.80 within 18 months.
  • Novo’s Dr. Quinton Hennigh appointed to Kalamazoo’s Technical Advisory Committee ▪
  • Kalamazoo cash balance of AU$9 million after placement with a further AU$4 million of receivables over the next 12 months from the company’s recent sale of its Snake Well gold project.
  • Kalamazoo will use funds to expand its exploration and drilling programs at Castlemaine, South Muckleford and Tarnagulla Central gold projects in Victoria

Luke Reinehr, chairman & CEO, commented:

The investment of AU$8 million by Novo and Eric Sprott is a terrific endorsement of our Central Victorian Goldfield’s strategy to explore smarter, using new technologies and innovations in a low impact manner.

Click here to read the whole Kalamazoo Resources (ASX:KZR) press release.


BRAND NEW! Take Advantage Of Silver On The Rise Before It's Too Late

Everything You Need To Watch The Dollars Come Pouring In!

Get the latest Australia Investing stock information

Get the latest information about companies associated with Australia Investing Delivered directly to your inbox.

Australia Investing

Select None
Select All

Leave a Reply