Enova Mining secures option for Brazilian monazite project

• Enova Mining executed a binding term sheet securing an exclusive option to acquire 100% interest in the Caraúbas Monazite Project in Brazil.
• The company secured $1.5 million in binding commitments via an unbrokered placement and plans to raise roughly $495,200 through a rights issue.
• Enova aims to expand its rare earth element footprint in Paraíba, north-eastern Brazil, across nine exploration licences spanning 17,796 hectares.

Enova Mining (ASX:ENV) has secured an exclusive option to acquire a 100% interest in the Caraúbas Monazite Project while committing to raise approximately $2 million in fresh capital.

The acquisition option allows Enova to review 17,796 hectares in the Borborema Geological Province, adding to its existing rare earth element portfolio in Brazil.

Enova Mining CEO / Executive Director Eric Vesel commented, “Our exploration team has commenced its assessment of the Caraúbas Monazite Project, with field reconnaissance and due diligence activities now underway.”

The company secured $1.5 million from sophisticated investors at $0.001 per share and plans a 1-for-4 non-renounceable rights issue to raise up to $495,200 at the same price.

Following the announcement, the Enova Mining share price was down at $0.0020.

Enova focuses on exploring critical minerals, primarily rare earth elements used in clean energy applications across projects in Australia and South America.

The company will undertake a 30-day due diligence period before deciding whether to exercise the option and complete the transaction.