Share Purchase Plan Update
The Company initially had sought to raise $1 million under the SPP. Nova received applications from 346 eligible shareholders worth $3,135,000 in valid subscriptions under the SPP. As a result, the board of directors will increase the amount raised under the SPP to $2,508,000.
Despite the increase in the size of the SPP, the Company found it necessary to scale back the applications. The scale back was applied at approximately 20% on an equal basis across all eligible shareholder applicants.
"We are pleased with the outcome of the SPP and the opportunity to now move to our Maiden Gold JORC Report at the District Scale Estelle Gold Project" said Nova's MD, Mr Avi Kimelman. "The groundswell of support from shareholders for the SPP allows the Company to aggressively pursue its exciting exploration endeavours in Alaska, further develop its Thompson Bros lithium opportunity through our Snow Lake Resources spin off and unlocking value through its highly prospective opportunities within the company's project portfolio."
Nova expects to complete the SPP allotment and despatch refunds and holding statements for the new shares allotted to shareholders on or about Monday 5th August 2019. The new shares are expected to commence trading on the ASX on Tuesday 6 August 2019.
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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