Anova raises exploration funds
PERTH (Miningweekly.com) – Junior Anova Metals will raise A$9-million in a two tranche share placement to new and existing institutional and sophisticated investors.
The gold explorer on Monday said it had received firm commitments for the placement of 562.5-million shares, priced at 1.6c each, representing a 5.9% discount to the company’s last closing price.
The first tranche of the placement will consist of more than 379.5-million shares which will be issued under Anova’s existing placement capacity to raise an initial A$6.1-million. The second tranche of over 182.9-million shares, to raise a further A$2.9-million, will be subject to shareholder approval at a meeting scheduled for later in January.
Funds from the placement will allow the company to progress the Big Springs project and undertake a planned aggressive exploration programme at Golden Dragon and Fields Find upon completion of the acquisition of DC Mines,” said MD Amanda Buckingham.
“Critically, the placement will enable the Anova team to plan and secure the key equipment and personnel required to deliver this substantial pipeline of exploration activity and results throughout 2023.”
Anova is targeting a 30 000 m drilling project at the Western Australian projects, in addition to the 10 000 m programme being funded and undertaken by DC Mines during the next few months.
Funds will also go towards a substantial drilling programme at the Big Springs project, in Nevada.
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