37.5 mill shares immediately listed and tradable on the ASX initially.
Nice also to see Mr Harmanis bobbing up in the T20 with 5 million IPO shares - thats 5 million shares less I'm pretty confident won't be traded anytime soon!
However, as per the prospectus "a number of key Australian shareholders have confirmed that they will ‘transmute’ their shares to the ASX upon completion of the listing"
Despite the obvious risks, I really like Novo for its exploration upside across multiple projects but the one that really stands out for me is Becher and the surrounding tenements in the Egina JV with DEG (along trend from their monster Hemi deposit).
DEG are fully funding exploration in the Egina JV over 4 yrs to the tune of
$25mill to earn 50% and this is
on top of the $10 million cornerstone investment in Novo.
From all reports, the DEG geos are super keen to get cracking at Becher with drilling planned to start later this month,
barely 3 mths after announcing the JV. Speaks volumes for DEG's interest for the Egina JV considering the the already enormous scale of their other holdings in the region
Oh and BTW, curiously very little mentioned so far in any of their presentations about the strategically located tenements immediately west of the
emerging monster lithium discovery at Andover by AZS but I am happy to leave any of that speculation about the lithium potential to others who may wish to share their thoughts
.
(20min delay)