Nova Minerals (ASX:NVA) has raised US$3.3 million ($4.99 million) after conducting an underwritten public offering to list on the NASDAQ.
Under the public offering, the $46.23 million market capitalised company issued 475,000 units. Each unit comprised one American depositary share (ADS) representing ordinary shares and one warrant, with an ADS-to-ordinary-share ratio of one to 60 at US$6.92 per unit.
Each warrant is exercisable for one ADS at US$7,266 and will be exercisable upon issuance for a period of five years following the date of issuance.
ThinkEquity acted as sole book-running manager for the offering.
The ADS and warrants will begin trading on the NASDAQ on 24 July 2024 under the ticker codes NVA and NVAWW. The offering closes the following day (25 July).
Nova has also granted underwriters the option to purchase an additional 47,500 ADS and an additional 47,500 warrants to cover over-allotments, if there are any, until 29 August 2024.
The company plans to use the funds raised for resource and exploration field programs, Feasibility Studies, and general working capital.
Nova Minerals is focused on its diversified portfolio focused on gold and rare earths in Western Australia and Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Nova Minerals
