Subiaco-based explorer Anova Metals says it has received commitments for a $1.69 million capital raising to fund drilling and permitting programs at its Big Springs project in Nevada.
The raising, to be completed in two tranches, will be valued at 4 cents per share, and will be made available to Anova's sophisticated and professional investors.
Anova last traded at 4 cents per share at 12:20pm.
See full media release below.
Anova Metals Limited (ASX: AWV) is pleased to announce that it is has received firm commitments
for a capital raising of $1,690,000 at 4 cents per share from sophisticated and professional investors.
The funds will be used primarily for drilling and permitting programmes at Anova’s 100% owned Big
Springs Project in Nevada, USA. Drilling will commence immediately at South Sammy with planned
drilling at North Sammy to be undertaken in mid-November.
The capital raising will be undertaken in two tranches with the first tranche for 32,802,640 shares to
raise $1,312,106 to be issued upon completion of the documentation and the second tranche for
9,447,360 shares to raise $377,894, including $200,000 to a related party, will be issued subject to
shareholder approval at the Annual General Meeting on 28 November 2014. A Notice of Meeting
will be distributed in due course.
For every two shares subscribed for in the capital raising, subscribers will be issued with a free
option to acquire one share for 5 cents within the next two years. The options will be unlisted and
will be issued subject to approval by shareholders at the AGM.
The company is also in discussions with strategic investor groups seeking an interest in the company
as it progresses towards production next year.
This announcement is the one referred to in the voluntary suspension request made on 10 October
2014.
