Enova Mining completed a $1.5 million oversubscribed placement with support from GBA Capital.

The placement involves issuing 83,333,333 fully paid ordinary shares at 1.8 cents per share and 41,666,667 attaching unlisted options exercisable at 4 cents each, expiring in three years.

The funds will primarily finance the ongoing development of the Charley Creek Project and general working capital needs. Allocations include resource drilling, deep drilling at Charley Creek, rare earth exploration, corporate costs, and administration expenses.

Settlement of the placement is anticipated by April 15, with a shareholder meeting in late May for approval of the attaching options.