Nova Minerals (ASX:NVA) has received firm commitments for a placement of A$20m at A$0.70 per share along with up to a US$7m convertible facility from US-based investment management firm Nebari Holdings.
Funds raised from the Placement and Convertible Facility, along with existing cash will be applied to:
• Complete the upcoming Phase 2 Scoping Study, including the high-grade RPM Deposit
• Rapidly advance the trade-off and PFS level works, which have commenced in conjunction with the Phase 2 Scoping Study
• Continue environmental, ESG, and PFS level metallurgical studies
• Ramp up the drill program for 2023 (following the receipt of all the outstanding assay results from the 2022 drill programmr) including additional rigs to continue to grow the resource in size and confidence across the Estelle Gold Trend, with a particular focus on the RPM, Train, Stoney and Korbel areas
• Accelerate the Pre-Feasibility Study (PFS)
• Continue to explore the other 20+ known exciting prospects across the wider Estelle Gold Trend
Petra Capital Pty Ltd and Jett Capital Advisors, LLC acted as Joint Lead Managers and Joint Bookrunners to the Placement and have been appointed as joint financial advisors to assist the Company in broadening its investor base across global markets.
“Having a leading global gold fund such as Nebari join our register, along with other large institutions, provides a strong endorsement of the size, scale and opportunity at the Estelle Gold Project, which institutions are now recognising,” Nova CEO, Christopher Gerteisen, said.
“We are thrilled to welcome Nebari aboard, who we regard as a partner, not just a funder, and we look forward to working with their highly respected and knowledgeable team to bring the outstanding Estelle Gold Trend to fruition in a way that provides robust returns for all stakeholders.
“This is a transformational moment for Nova and its shareholders. The funding announced today, along with the accompanying convertible facility at a 30% premium, allows the Company to fast track our development plans.
“Petra and Jett Capital, who we also welcome to our team, have likewise introduced several new global institutional investors to Nova, who will significantly broaden our exposure to international financial markets.
“This funding provides certainty through our fast track development approach, whilst also enabling Nova to continue to undertake value accretive exploration and discovery activities.
“We believe these additional funds will drive long term value for all stakeholders as we continue on our path to commercial production, whilst unlocking the Estelle Gold Trend.”
Nebari General Partner, Clark Gillam, said his company is very excited to become part of the Estelle project and supporting the Nova-team in developing Estelle.
“Furthermore, as a proud Alaskan, it is great to become part of another responsible mineral resource development project that this great State has to offer.”
Upcoming Milestones
• Continuous results from the 2022 drill programme as they are received from the laboratory, including outstanding assays from, RPM North and South, Cathedral, You Beauty and Korbel
– Currently assays for only 16 holes out of 88 have been received
• Resource (MRE) updates for both RPM and Korbel
• Phase 2 scoping study to be produced soon after Global MRE is complete
• PFS test work as it becomes available
• New discoveries across the wider Estelle Gold Trend – Assays pending
For further information please visit: https://novaminerals.com.au/
