Convertible Note Conversion
Nova has agreed to convert all of the Notes, which have a face value of $413,325, into 91,850,000 fully paid ordinary shares in Torian at the conversion price of $0.0045 per share on the following conditions:
- Torian to continue to pay Nova interest of $4,133 per month until 25 March 2021 being the remaining time period of the Notes were they not converted.
- Torian issues Nova a further 2,755,500 ordinary shares in satisfaction of the proceeding three months of interest that would otherwise be payable in cash referred to in the bullet point above.
- Torian announces its intention to undertake a renounceable pro-rata entitlement offer with the record date for participation in the Rights Issue being after the date of conversion of the Nova Notes.
- Torian issuing a rights issue prospectus that has the ancillary objective of permitting secondary trading of the shares issued upon conversion of the Notes.
As a consequence of the conversion, NVA will hold an interest in approximately 17.52% of the issued share capital of Torian.
NVA CEO, Mr. Christopher Gerteisen said: "Nova is pleased to be able to show its commitment to Torian, its dedicated management, strong technical team and quality projects in the prolific Eastern Goldfields district of Western Australia. We will continue to work closely with the Board of Torian and offer our support to maximise long term value for all shareholders."
About Nova Minerals Ltd
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
Nova Minerals Ltd