Nova Minerals (ASX:NVA) has closed an underwritten public offering of 2,928,300 American Depositary Shares at $6.83 per ADS, raising approximately $20 million before underwriting discounts and expenses.
Each ADS represents 12 ordinary shares, and the company has granted underwriters a 45-day option to purchase an additional 439,245 ADSs to cover over-allotments.
Proceeds from the offering will support exploration and development activities at Nova's Estelle Gold and Critical Minerals Project in Alaska, including drilling, feasibility and environmental studies, camp expansion, permitting, initial development, and general corporate purposes.
ThinkEquity served as the sole book-running manager for the offering, which was made under a prospectus supplement to the company's Form F-3 shelf registration statement filed with the US Securities and Exchange Commission and declared effective on Dec. 17.
At the time of reporting, Nova Minerals' share price was $0.91.