Nova Minerals recently made a significant move by issuing whole warrants exercisable for one ADS at US$7.266 per ADS, available for five years post-issuance. Here are the key details surrounding this development:
- Nova also granted the underwriters the option to purchase up to an additional 47,500 ADSs and/or warrants to cover over-allotments until August 29, 2024.
- The offering included the underwriters purchasing 47,500 warrants in connection with the partial exercise of their over-allotment option.
- The Company issued a total of 28,500,000 fully paid ordinary shares to the depositary agent for the ADS.
- Trading of the ADSs and warrants commenced on the Nasdaq Capital Market under the symbols “NVA” and “NVAWW” respectively.
- Options (warrants) were issued to the underwriters, approved by shareholders at a general meeting on May 31, 2024.
- Proceeds from the offering will be utilized for resource and exploration programs, feasibility studies, and general working capital.
- ThinkEquity is the sole book-running manager for the offering.
- The registration statement on Form F-1 (File No. 333-278695) related to the public offering was filed with the SEC on July 23, 2024.
Nova CEO, Mr. Christopher Gerteisen, expressed his excitement about this milestone, emphasizing how a US listing aligns with the company’s goals, especially with the flagship Estelle Gold Project being a North American asset. The CEO highlighted the potential for increased shareholder value through exposure and liquidity in the US market. As Nova prepares for a targeted drill program, they continue with critical technical studies to progress towards production.
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