Nova Minerals Limited Announces Closing of Public Offering
Rhea-AI Summary
Nova Minerals (Nasdaq: NVA, NVAWW; ASX: NVA; FRA: QM3) has closed its underwritten public offering of 473,000 American Depositary Shares (ADS) at $5.00 per ADS, including 43,000 ADSs from the full exercise of the underwriter's over-allotment option. The offering raised aggregate gross proceeds of $2,365,000 before deducting underwriting discounts and expenses. Nova, an exploration stage company focused on the Estelle Gold Project in Alaska, plans to use the proceeds for resource and exploration field programs, including additional drilling, exploration, feasibility studies, and general working capital. ThinkEquity acted as the sole book-running manager for the offering, which was conducted through a registration statement on Form F-1 filed with the SEC.
Positive
- Successful closing of public offering, raising $2,365,000 in gross proceeds
- Full exercise of underwriter's over-allotment option, indicating strong demand
- Funds to be used for resource exploration and development of Estelle Gold Project
- Listing on multiple exchanges (Nasdaq, ASX, FRA) potentially increasing investor exposure
Negative
- Potential dilution of existing shareholders due to new share issuance
- Offering price of $5.00 per ADS may impact short-term stock valuation
- Additional expenses related to underwriting discounts and offering costs will reduce net proceeds
News Market Reaction
On the day this news was published, NVA gained 1.90%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Caufield, Australia, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Nova Minerals Limited (“Nova” and the “Company”) (Nasdaq NVA, NVAWW) (ASX: NVA), (FRA: QM3), a gold and critical minerals exploration stage company focused on advancing the Estelle Gold Project in Alaska, U.S.A., today announced the closing of its underwritten public offering of 473,000 American Depositary Shares (“ADS”), with an ADS-to-ordinary-share ratio of 1 to 60, at a price to the public of
The Company intends to use the proceeds for resource and exploration field programs, including additional drilling and exploration, feasibility studies, and general working capital.
ThinkEquity acted as sole book-running manager for the offering.
A registration statement on Form F-1 (File No. 333-282224) relating to the public offering was filed with the Securities and Exchange Commission (“SEC”) and became effective on September 23, 2024. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Nova Minerals Limited
Nova Minerals Limited is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The
Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Nova Minerals Limited’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Nova Minerals Limited undertakes no duty to update such information except as required under applicable law.
For Additional Information Please Contact
Craig Bentley
Director of Finance & Compliance & Investor Relations
E: craig@novaminerals.com.au
M: +61 414 714 196
FAQ
How much did Nova Minerals (NVA) raise in its recent public offering?
What is the price per ADS in Nova Minerals' (NVA) public offering?
How will Nova Minerals (NVA) use the proceeds from its public offering?
Who was the underwriter for Nova Minerals' (NVA) public offering?
