Corporate Update, Placement & SPP Offer
Corporate Update, Placement & SPP Offer
Melbourne, July 3, 2019 AEST (ABN Newswire) - Nova Minerals Limited (Nova or Company) (ASX:NVA) (FRA:QM3) is pleased to announce, following commencement of drilling at the Company's District-Scale Estelle Gold Project, the fast tracking of initial exploration works at Estelle.

The Company is also pleased to announce an offer to eligible shareholders for the opportunity to increase their holdings in the Company through a share purchase plan ("SPP") to raise up to $1 million, with the ability to accept oversubscriptions subject to ASX listing rules requirements. This follows the Company having received commitments to raise $500,000 through a placement to sophisticated and institutional investors and sophisticated and institutional investors not eligible to participate in the SPP offer ("Placement"). The Directors and/or their associates intend to participate for up to an additional $500,000 in placement under the same terms, subject to shareholder approval. Details of the SPP and Placement are set out below.

Nova Managing Director, Mr. Avi Kimelman said:

"I'm extremely excited we can now fast track our Estelle Gold Project exploration strategy against the backdrop of gold in a secular bull market. Our company-wide objectives are fast coming together with a lot of news flow and opportunity to re rate, including the imminent closing of the Thompson Brothers Lithium Project spin-off and CSE listing of Snow Lake Resources."

"We are also pleased to reward our current shareholders with the SPP offer, which avoids the significant dilutionary impact that alternative fundraising structures can have on shareholders. The SPP offer is intended to reward current shareholders for their loyalty and will provide them with an opportunity to increase their interest in the Company at this exciting time."

Developments for the Company include:

- Ongoing IP survey works with interim and final findings at Estelle

- Drilling proceeding at Estelle with results to follow

- Second, larger diamond drill rig to be deployed to test mineralisation at depth and with the view of increase Maiden JORC ounces

- Sampling and mapping at RPM and Shoeshine Prospects to commence in July at Estelle

- Maiden JORC resource on the Oxide North Prospect (one of 15 known large prospects)

- Snow Lake Resources Ltd (Thompson Brothers Lithium Project) listing on the Canadian Securities Exchange (CSE) anticipated for late July/early August with QA/QP works ongoing and due later this year

- Snow Lake in preliminary discussions commenced with potential funding and off-take partners

- Reviewing opportunities to realise value from the Company's Windy Fork REE Project, including potential sale or JV.

- Newmont JV drilling campaign to commence

Placement and Share Purchase Plan Details

The Placement comprises commitments to raise $500,000 through an issue of 25 million new Shares at a price of 2 cents each from sophisticated and institutional investors who are not eligible to participate in the SPP offer. These Nova Shares will be issued within the Company's placement capacity under ASX listing rule 7.1A.

In addition, to reward Nova's current shareholders who are eligible to participate, the Nova Board of Directors has proposed the SPP offer to raise up to a further $1 million via the issue of up to 50 million Nova Shares at an issue price of 2 cents each, with the ability to accept oversubscriptions subject to ASX listing rules requirements.

Under the SPP, eligible Nova shareholders will be invited to subscribe for new Nova Shares at an issue price of 2 cents each, up to a maximum of A$15,000 per eligible shareholder free of brokerage and transaction fees. The issue price represents a 5.7% discount to the 5-day volume weighted average trading pricing of Nova Shares on ASX immediately prior to the date of this announcement.

Participation in the SPP will be open to registered holders of Nova Shares as at 5.00pm (AEST) on the Record Date of 2 July 2019 and whose registered address is in Australia.

Full details of the SPP will be set out in the SPP offer document that is scheduled to be despatched to eligible shareholders on or around 12 July 2019 (see proposed timetable below).

The Directors intend to participate in the SPP and take up their full entitlement. Any shortfall from the SPP offer will be placed at the discretion of the Directors in accordance with the ASX listing rules.

Capital raised under the Placement and the SPP will be used to fund ongoing exploration activity at the Estelle Gold Project (described above) and for general working capital.

The proposed timetable for the SPP is set out in the link below, however Directors reserve the right to vary the dates without notice.

To view the timetable, please visit:

About Nova Minerals Ltd

Nova Minerals Limited (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.

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
P: +61-3-9614-0600
F: +61-3-9614-0550

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