Novo drew down the first US$35 million tranche of the Facility in September 2020. In order to retain financial flexibility as Novo advances its Beatons Creek conglomerate gold project (" Beatons Creek ") to full-scale commercial production, and in light of completion of the sale of a portion of Novo's Blue Spec tenure to Calidus Resources Limited ( ASX : CAI) which included a significant equity component in lieu of cash ( refer to the Company's news release dated March 23, 2021 ), Novo has renegotiated the second tranche of the Facility to total US$15 million (subject to a lender's 2% cash discount), inclusive of the US$5 million mentioned above, available to be drawn until September 30, 2021, at Novo's discretion.