Melbourne, Australia, July 30, 2019 - (ABN Newswire) - The directors of Nova Minerals Limited (Nova or Company) (ASX:NVA) (HAM:QM3) are pleased to advise the Share Purchase Plan ("SPP") has closed heavily oversubscribed. The Company received over 348 applications for over $3.2 million worth of shares, over 2.2 times the amount being sought of $1,000,000.
Given the overwhelming demand from existing shareholders, the Company resolved to increase the size of the SPP and to scale back on a best as possible equal basis across all eligible shareholder applicants. The Company would like to thank shareholders for their strong support and faith in the company.
The SPP was part of a fundraising initiative with a placement to sophisticated and institutional shareholders, bringing the total capital raise to over $3.7 million with no capital raising fees.
In light of the above raised amount and demand, the company however found it necessary to scale back a portion of the SPP taking into consideration near term upcoming company developments, dilution factors and options which the company believes will be well in the money at time of the exercise date.
The funds will be used to;
- Move the Oxide Korbel prospect (Figure 2 in link below) at the Estelle Gold Project to it Maiden JORC gold inferred resource, advance studies and approvals for establishing a permanent camp, further studies on Oxide South, RPM and Shoeshine and preperation for next round of drilling on the District scale Estelle Gold Project across these prospects.
- Current drilling at the Officer Hill Gold Project in JV with Newmont Goldcorp,
- Further potential deal on the Windy Fork REE project.
- Extracting value form its Halcyon HPA interest and
- The advancement of the Thompson Brothers Lithium Project within our Snow Lake Resources Spin off.
When combined with the vast amount of work completed to date, the upcoming developments within the company and now existing cash reserves, the Company is in an excellent position to continue its aggressive growth plans across its project portfolio.
NVA Managing Director, Mr. Avi Kimelman said:
"The strong support from our existing shareholder base has been excellent and demonstrates significant support for our globally significant Estelle Gold Project and unlocking substantial value through our Snow Lake Resources Spin off. The additional funds raised put Nova in a very strong financial position to continue its aggressive growth plans."
Nova expects to complete the SPP allotment and despatch refunds and holding statements for new shares allotted to shareholders on or about Monday, 5 August 2019. The new shares are expected to commence trading on the ASX on Tuesday, 6 August 2019.
Internal Prioritised Systematic Exploration Strategy
The Company's ranked and prioritised systematic exploration strategy and activities at Estelle are guided by an exploration "Project Pipeline" process to maximise the probability of multiple major discoveries (Table 1). Each Milestone is defined by a specific deliverable and has each criteria needs to be ticked to determine which prospect must pass through before moving to the next Milestone. Economic criteria and probability of success increase as projects move along the pipeline. The methodology helps to ensure work is carried out across all stages of the process, cost are kept minimal and that focus is kept on the best quality targets and that the pipeline is kept full with early Milestone projects.
To view tables and figures, please visit:
About Nova Minerals Ltd:
Nova Minerals Limited (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
Nova Minerals Ltd
Copyright (C) 2019 ABN Newswire. All rights reserved., source Press Releases English