Join our daily newsletter At The Bell to receive exclusive market insights
- Nova Minerals (NVA) has entered back-to-back trading halts to plan and execute a capital raise
- The company will remain in the halts until November 27 or until the announcement is made
- More recently, rock chip sampling at Nova’s Estelle Gold Project in Alaska returned up to 291g/t gold, further confirming the correlation between gold and arsenopyrite within the district
- Taking a look at its financials, Nova burnt $487,000 in the September quarter with the majority going towards administration and corporate costs
- As of September 30, the company had $16.38 million of total funding available
- Coupled with its cash outflows, NVA has enough capital to support operations for 8.2 quarters if spending levels remain the same
- Shares in Nova last traded for 22.5 cents on Friday, November 20
Nova Minerals (NVA) has entered back-to-back trading halts as it gets ready to plan and execute a capital raise.
The company will remain in the halts until November 27 or when the announcement is made, whichever occurs first.
More recently, rock chip sampling at Nova’s Estelle Gold Project in Alaska has considerably expanded its proposed drilling footprint.
Of the 37 samples collected, up to 291g/t gold was intersected and more than half a dozen returned greater than 5g/t.
The samples have further confirmed the correlation between gold and arsenopyrite within the district.
Meanwhile, taking a look at its financials, Nova burnt $487,000 in the September quarter with the majority going towards administration and corporate costs.
As of September 30, the company had $16.38 million of total funding available.
Coupled with its cash outflows, NVA has enough capital to support operations for 8.2 quarters if spending levels remain the same.
Nova is yet to disclose how much it is raising or what it will be using the funds for.
Shares in Nova last traded for 22.5 cents on Friday, November 20.
