Nova Minerals (ASX:NVA), a gold and critical minerals exploration company advancing the Estelle Project in Alaska, has priced an underwritten public offering of 2,928,300 American Depository Shares at US$6.83 per ADS, raising approximately US$20 million before fees.
Each ADS represents 12 ordinary shares. The company has also granted underwriters a 45-day option to purchase up to an additional 439,245 ADSs to cover potential over-allotments.
Proceeds from the offering are intended to fund exploration and development activities at the Estelle Project, including drilling, feasibility and environmental studies, camp expansion, permitting, initial development, and general corporate purposes.
The offering is expected to close on Dec. 22, subject to customary closing conditions.
The ADSs will be issued using Nova's existing placement capacity under ASX Listing Rule 7.1. ThinkEquity is acting as the sole book-running manager.
At the time of reporting, Nova Minerals' share price was $0.90.