Nova Minerals (ASX:NVA) has wrapped up its underwritten Nasdaq initial public offering (IPO) today, after raising US$3.3 million ($4.99 million).
The offer, announced on 24 July, comprised the issue of 475,000 units, comprising one American depositary share (ADS) and one warrant, with an ADS-to-ordinary-share ratio of one to 60 at US$6.92 per unit.
ThinkEquity acted as sole book-running manager for the offering.
Nova Minerals, which has a market capitalisation of $41.4 million, plans to use the funds for resource and exploration field programs, Feasibility Studies, and general working capital.
CEO Christopher Gerteisen says as the Estelle Gold Project lies in North America, listing on the US exchange has been a company goal for a long time to increase US investor base.
“This marks a major milestone for the company and highlights the quality of our team who made it happen through countless hours of dedication and hard work,” Gerteisen says.
“Now it’s a reality, and we believe this can be a catalyst to create further shareholder value through increased exposure and liquidity available in the US market.
“The company is preparing a targeted drill program to commence shortly and continues with the critical technical studies required for the completion of a robust Prefeasibility Study as we progress along the path to production.”
The Estelle Gold Project lies in Alaska in the US and contains multiple mining complexes across a 25km long mineralised corridor of over 20 identified gold prospects.
Nova Minerals is a gold and critical minerals explorer focused on advancing its flagship project which covers a 513km2 area.
Write to Aaliyah Rogan at Mining.com.au
Images: Nova Minerals
