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
Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is a dynamic explorer and developer of its flagship Estelle Gold district in the Tintina gold belt. Nova's strategy is to substantially increase the current 4.7Moz resource on the Korbel prospect. Subsequently to continue to lock in value through moving Korbel towards production whilst increasing the resource base across the pipeline of targets within the Estelle gold district. Nova Minerals also holds strategic investments in Snow Lake Resources Ltd (Thompson Brothers Lithium Project), Torian Resources Ltd (ASX:TNR) and RotorX Aircraft Manufacturing Co.
Nova Minerals Ltd