Kangan -

18th September 2018 Novo + Pio

As part of the MOA, Novo is required to make a payment of A$200,000 ($143,401) in cash and issue 100,000 common shares to Pioneer.The company will also subscribe to A$1m ($0.71m) in Pioneer ordinary shares at a price of A$0.02 ($0.01) a share through a private placement.Furthermore, Novo will provide $0.5m ($0.35m) towards exploration expenditure within two years in exchange for a 70% earned interest. At this stage, the company may elect to form a joint venture (JV) with Pioneer.Once the JV is formed, Novo will be required to fund all expenditure until a ‘decision to mine’ is made on the project."


"11th June 2019 Novo + Pio + Sumitomo

Meanwhile, the farm-in terms for Pioneer’s Kangan asset comprise Sumitomo and Novo spending $460,000 on exploration over the next 18-months to secure a combined 70% stake in the project.Novo’s chairman and president Dr Quinton Hennigh has previous referred to Egina as an early stage project with high gold potential.“Sumitomo, upon conducting their own technical review, has developed a similar opinion,” Dr Hennigh said.“It is remarkable for an exploration company to team up with a world class finance partner like Sumitomo.”

According to the original deal Novo need is to spend 0.35 mil US on exploration before this forthcoming September .

Was this arrangement superseded by the new deal with Sumitomo + Novo signed 10 months later with a deadline for exploration expenditure this coming December ? The new sum being 0.46 mil US .

Do the Novo shares value 0.25 MIL US appear on Novos books ?

There has been no news that I can see on Kangan .. Time is moving on in terms of the original deal with just four and a half months left to run .