Nova Minerals Limited Announces Pricing of Public Offering
Rhea-AI Summary
Nova Minerals (Nasdaq: NVA, ASX: NVA), a gold and critical minerals exploration company, has announced the pricing of an underwritten public offering of 430,000 American Depository Shares (ADS) at $5.00 per ADS. This offering is expected to generate gross proceeds of $2,150,000 before deducting underwriting discounts and expenses. Nova has also granted underwriters a 45-day option to purchase up to an additional 43,000 ADSs to cover over-allotments.
The company plans to use the proceeds for resource and exploration field programs, including additional drilling and exploration, feasibility studies, and general working capital. The offering is set to close on September 25, 2024, subject to customary closing conditions. ThinkEquity is acting as the sole book-running manager for this offering.
Positive
- Successful pricing of public offering, potentially raising $2,150,000 in gross proceeds
- Funds to be used for resource exploration and feasibility studies, potentially advancing the Estelle Gold Project
- Option granted to underwriters for additional ADS purchase, potentially increasing total proceeds
Negative
- Potential dilution of existing shareholders' ownership due to new ADS issuance
- Offering price of $5.00 per ADS may be below current market price, potentially impacting stock valuation
News Market Reaction
On the day this news was published, NVA declined 14.92%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Caufield, Australia, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Nova Minerals Limited (“Nova” and the “Company”) (Nasdaq NVA, NVAWW) (ASX: NVA), (OTC: NVAAF)(FSE: QM3)), a gold and critical minerals exploration stage company focused on advancing the Estelle Gold Project in Alaska, U.S.A., today announced the pricing of an underwritten public offering of 430,000 American Depository 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.
The offering is expected to close on September 25, 2024, subject to satisfaction of customary closing conditions.
ThinkEquity is acting 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, when available, may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004. The final prospectus will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.
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
What is the price per ADS in Nova Minerals' (NVA) public offering?
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