Nova Minerals (ASX:NVA) has announced a placement of $20M at $0.70 per share along with up to a US$7M convertible facility from Nebari Gold Fund.

Nova says proceeds raised will be used to fast track resource and exploration drilling and accelerate economic studies as it continues to unlock the Estelle Gold trend.

It also says its facilitated the introduction of a number of highly credentialed Australian and offshore institutional investors to the register.

Nova says its Directors, management, and associates have committed to $1.5M of the placement, subject to shareholder approval.