JOHANNESBURG (miningweekly.com) – ASX-listed gold explorer Anova Metals has raised $7.1-million to fast-track large-scale exploration and mining development at its Nevada-based Big Springs project, in the US, where the company is currently finalising plans for a drilling programme.
Anova announced on Thursday that it had secured firm commitments for a heavily oversubscribed placement of 54.6-million shares at 13c a share to raise the funds. The company also revealed that it would implement a share purchase plan to existing eligible shareholders to raise another $2-million on the same terms.
“We are extremely pleased with the strong demand the placement has received, closing heavily oversubscribed. Proceeds from the placement and the share purchase plan put Anova Metals in a strong position to . . . expand our resource base and unlock further value for our shareholders,” said Anova Metals executive director Bill Fry, commenting on the placement.
Meanwhile, in the September quarter, the company also expects to receive final approvals for mining of the South Sammy deposit. Funds from the placement will also be available to put in place the requisite bonds required by the US Forest Service before development can get under way.