AFR: Gold explorer Nova Minerals in share placements


Also out pitching to investors was Alaskan gold explorer Nova Minerals, which was after $20 million for drilling, environmental and metallurgical studies, working capital and the like.

The raise was structured as a placement and priced at 70¢ a share, a 16.2 per cent discount to the last close and 14.8 per cent lower than the five-day volume weighted average price.

It included a one-for-two option with a $1.10 strike price and two-year expiry.

The term sheet said Nova had a new $US7 million convertible facility and a $US2.5 million equity investment from a specialist resource fund.

Petra Capital and Jett Capital Advisors were the joint lead managers and called for bids by 4pm Thursday for Asia Pacific investors and 9am for the rest of the world.

Nova Minerals has a $153 million market capitalisation.

Extract source: The Australian Financial Review