Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA) (NASDAQ: NVA, FRA: QM3) has successfully closed its underwritten public offering of 473,000 American Depositary Shares (ADS), generating gross proceeds of US$2.4 million.
Accelerated development
This successful capital raise is expected to accelerate Nova's exploration initiatives as the company continues to expand its resource base and advance its projects.
The company plans to utilise the funds to support its resource and exploration field programs, including additional drilling, feasibility studies, and general working capital.
Nova has trained its focus on development efforts to advance its flagship Estelle Gold Project in Alaska.
Offer details
The offering, priced at US$5.00 per ADS, includes 43,000 ADSs issued under the full exercise of the underwriter’s over-allotment option. Each ADS represents 60 ordinary shares of Nova.
ThinkEquity acted as the sole book-running manager for the offering.
The registration statement relating to the offering, filed with the US Securities and Exchange Commission (SEC), became effective on September 23.
The offering was conducted solely through a prospectus, which is available from ThinkEquity in New York.
Webinar
The company has also invited investors to attend a live webinar about the Estelle Project, covering:
- the development optionality it is currently investigating as part of the feasibility studies;
- its exploration strategy and path towards production; and
- questions from investors.
The webinars will be held in both US Eastern Standard Time (EST) and Australian Eastern Standard Time (AEST). More details can be found here .
Find out more about Nova’s recent work:
Watch: Nova Minerals begins bulk testing for antimony at Estelle
Read: Chinese limits on antimony exports offer powerful opportunity for Nova Minerals’ Estelle Project