Sprott, Novo backing Kalamazoo discovery

VICTORIAN explorer Kalamazoo Resources has attracted an A$8 million investment from Canada’s Novo Resources Corp and billionaire resources investor Eric Sprott.

Sprott, Novo backing Kalamazoo discovery Sprott, Novo backing Kalamazoo discovery Sprott, Novo backing Kalamazoo discovery Sprott, Novo backing Kalamazoo discovery Sprott, Novo backing Kalamazoo discovery

Eric Sprott (left) and Quinton Hennigh in Perth in 2018

Each will subscribe for 10 million shares at 40c, a substantial premium to Monday's closing price of 34.5c.

Every new share will come with an option, exercisable at 80c within 18 months.