Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has closed its underwritten US NASDAQ IPO raising around US$3.3 million (AU$4.9 million).
"This marks a major milestone for the company and highlights the quality of our team who made it happen through countless hours of dedication and hard work,” Nova CEO Christopher Gerteisen said.
“A US listing has been our goal for a long time as the logical next step with our flagship Estelle Gold Project being a North American asset and an increasing US investor base. Now it’s a reality, and we believe this can be a catalyst to create further shareholder value through increased exposure and liquidity available in the US market.
"The company is preparing a targeted drill program to commence shortly and continues with the critical technical studies required for the completion of a robust PFS as we progress along the path to production.”
Nova previously said that the dual listing would simplify investment for those interested in the Estelle Gold Project.
The company is looking forward to opening up a variety of new funding options, including potential US State and Federal grants for critical minerals.
"In our opinion, these capital markets are more in tune with large bulk tonnage projects like Estelle, which we believe is evident in the higher valuations of our North American peers," the company previously stated.
IPO raising details
Nova successfully closed its underwritten US NASDAQ public offering of 475,000 units. Each unit consists of one American Depositary Share (ADS) representing ordinary shares, with an ADS-to-ordinary-share ratio of one to 60, and one warrant.
The units were priced at US$6.92 each, resulting in gross proceeds of around US$3.3 million (A$4.9 million) before underwriting discounts and offering expenses. Each warrant is exercisable for one ADS at US$7.266 per ADS and is valid for five years from issuance. Nova has also granted underwriters an option to purchase an additional 47,500 ADSs and/or warrants until August 29, 2024.
The offering included the partial exercise of the over-allotment option by the underwriters, purchasing 47,500 warrants.
In total, Nova has issued 28,500,000 ordinary shares to the depositary agent, underlying the ADS. Trading of the ADSs and warrants commenced on the Nasdaq Capital Market on July 24, 2024, under the symbols NVA and NVAWW, respectively.
Proceeds from the offering will be used for resource and exploration field programs, feasibility studies, and general working capital.