Nova Minerals, an Australian gold exploration company with a property in Alaska, announced terms for its IPO on Tuesday. The company is currently listed on the Australian Securities Exchange under the symbol “NVA,” as well as on the OTCQB (NVAAF) and the Frankfurt Stock Exchange (QM3).
The Caulfield, Australia-based company plans to raise $8 million by offering 0.9 million ADSs at a price range of $8 to $10. At the midpoint of the proposed range, Nova Minerals would command a fully diluted market value of $43 million.
Because the company is expected to have a market cap of less than $50 million at pricing, Nova Minerals will be excluded from Renaissance Capital’s IPO stats.
The company has the majority stake of the Estelle Gold Project, which comprises over 125,000 acres of land in Alaska northwest of Anchorage along the Tintina Gold Belt. The project contains multiple mining complexes across a mineralized corridor of over 20 identified gold prospects, including two already defined multi-million ounce resources across four deposits containing a combined 5.17 million ounces of gold. Recently the Company has also discovered antimony and other critical minerals coincident with the gold in surface sampling on numerous prospects across the project.
Nova Minerals was founded in 1987 and plans to list on the NYSE American under the symbol NVA. ThinkEquity is the sole bookrunner on the deal.
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