Gold and critical minerals exploration company Nova Minerals (ASX:NVA,NASDAQ:NVA,NASDAQ:NVAWW) announced the closing of its underwritten NASDAQ initial public offering (IPO) of 475,000 units on July 26.
“A US listing has been our goal for a long time as the logical next step with our flagship Estelle Gold Project being a North American asset and an increasing US investor base,” Nova Minerals CEO Christopher Gerteisen said. “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.”
Each unit, priced at US$6.92, consists of one American Depositary Share (ADS) representing ordinary shares and one warrant. Each whole warrant is exercisable at US$7.266 per ADS for five years, and the ratio of ADS-to-ordinary-share is one to sixty (1:60).
The pricing was first announced on July 24, the same day that the ASDs and warrants began trading on the Nasdaq Capital Market under the symbols NVA and NVAWW respectively.
Gross proceeds are approximated at US$3.3 million (AU$4.9 million), which Nova said it intends to use for resource and exploration field programs, feasibility studies and general working capital.
“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 PFS as we progress along the path to production,” Gerteisen said.
Situated in the Tintina Gold Belt in Alaska, US, the Estelle gold project contains multiple deposits across a 35 kilometer long mineralized corridor with more than 20 identified gold prospects. Estelle also hosts silver, copper and lead, as well as critical metals antimony, bismuth and tungsten.
Assuming that all steps proceed according to the projected schedule, the prefeasibility study is targeted for 2025, with a definitive feasibility the following year.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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