Anova taps investors for $9m

US-focused gold explorer Anova Metals has raised $9 million from investors to progress development of its Big Springs project in Nevada.

Perth-based Anova raised $7.1 million through the placement of about 54.6 million shares at 13 cents each, with the company planning to raise a further $2 million by way of a share purchase plan.

The raising was priced at a 10.3 per cent discount to the company’s last closing price.

“We are extremely pleased with the strong demand the placement has received, closing heavily oversubscribed,” Anova executive director Bill Fry said.

“Proceeds from the placement and the share purchase plan will put Anova in a strong position to seek to expand our resource base and unlock further value for our shareholders.”

Anova is finalising plans for a drilling program at Big Springs.

Bell Potter Securities acted as sole lead manager and bookrunner to the placement.

Anova shares were 6.8 per cent higher to 15.5 cents each at 11:30am.