Anova revises $6.7m raising
Anova Metals has cut the pricing of its planned entitlement offer from 1 cent per share to 0.7 cents to reflect the downturn in equity markets.
The gold explorer is seeking to raise $3.2 million through its entitlement offer, with Argonaut Securities appointed as lead manager.
Anova aims to raise a further $1.7 million through a share placement at 1 cent per share and has lined up a $2 million loan with Hong Kong-based investment group Xingao.
The proceeds will be used to partially repay its loan to Twynam Agricultural Company.
It also owes $1 million in stamp duty to the Office of State Revenue following its purchase of Exterra Resources.
The company’s main asset is the Linden gold project in Western Australia.
Anova Metals (AWV)
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