After “countless hours of dedication and hard work”, Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) has announced the pricing of its public offering and Nasdaq listing.
The company is offering 475,000 units at US$6.92 per unit with each unit comprising one American Depositary Share (ADS) and one warrant, with an ADS-to-ordinary-share ratio of 1 to 60. Each warrant is exercisable for one ADS at US$7.266 for five years.
The offering is expected to raise $3.3 million (A$4.9 million) in gross proceeds.
Trading on Nasdaq is set to begin tonight, July 24, 2024, under the symbols NVA and NVAWW.
Nova has granted underwriters an option to purchase up to an additional 47,500 ADSs and/or warrants. The offering is expected to close on July 25, 2024.
Proceeds will fund resource and exploration programs, feasibility studies, and working capital.
Nova has previously stated that the dual listing will provide an easier path of investment for parties interested in its flagship asset, the US-based Estelle Gold Project. It would also provide Nova with access to a wide range of new funding options, including potential US State and Federal grants for critical minerals.
The company has also pointed to the increased liquidity and enhanced company valuations available on US markets, saying “in our opinion, these capital markets are more in tune with large bulk tonnage projects like Estelle which we believe is evident in the higher valuations of our North American peers.”