Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) has closed an underwritten public NASDAQ offering, raising about $20 million in gross proceeds.
The company issued 2,928,300 American Depositary Shares (ADSs) at $6.83 per ADS. Each ADS represents 12 ordinary shares, meaning the offer relates to 35,139,600 ordinary shares in total. Nova also granted the underwriters a 45-day option to buy up to an additional 439,245 ADSs to cover any over-allotments.
Nova said it plans to use the funds to progress exploration and development at its Estelle Gold and Critical Minerals Project in Alaska, including further drilling, feasibility and environmental studies, camp expansion, permitting and approvals, early development activities, and general working capital. ThinkEquity acted as sole book-running manager for the offering.