GBM Resources entered into a Sale and Purchase agreement with Novo Resources Corp

GBM Resources Limited (ASX: GBZ) announced signing a Sale and Purchase agreement with Novo Resources Corp for its remaining 50% stake in the Malmsbury Gold Project - RL6587 located in the prolific Victorian Goldfields. The transaction comprises a cash payment of AU$1.0 million and the issuance of 4,037,872 Novo shares and 2,018,936 options (warrants) to GBM upon settlement, subject to certain requirements pertaining to the transfer of the Project interest.

After acquiring its first 50% stake in Malmsbury for AU$3.7 million in May 2021, Novo earned an additional 10% interest in Malmsbury by investing AU$5 million in exploration expenditure over four years. The company will maintain its exposure to the Malmbury Project through its Novo share and option holdings, and the project's 2.5% maximum net smelter returns royalty.

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