Novo Resources completed repayment of its senior secured $40 million credit facility with Sprott Resource Lending subsequent to the completion of the sale of the company’s New Found Gold investment. The company is now free of long-term borrowings, with an unaudited consolidated cash balance of C$76.6 million ($59.3 million).
The company paid an aggregate amount of $40.1 millionto Sprott in satisfaction of all amounts outstanding, including all accrued interest, on the credit facility. No early repayment penalties were paid. The company is in the process of discharging all security previously granted to Sprott in connection with the credit facility.
