Flush with cash from an oversubscribed initial public offering (IPO) and a $35 million deal with neighbouring mining giant De Grey Mining for its Becher project, Novo Resources has officially launched on the ASX. The successful IPO netted the company $7.5 million before costs through the issue of 37.5 million common shares to Australian residents only. It has been listed in Canada since 2010 and management says it intends to retain the listing, in addition to joining the ASX. Novo says entry into the ASX market opens up a more readily-accessible Australian capital base, with greater access to liquidity and increased exposure to the nation's institutional investors. The ASX listing is the logical next step for Novo and will facilitate our Australian growth plans, considering the local investor appetite for mining and exploration opportunities. We are focused on accelerating our exploration activities and seeking value accretive opportunities to grow long-term shareholder value.