PERTH (miningweekly.com) – Junior Nova Minerals has secured A$30-million in funding to fast-track drilling in Alaska.

The ASX-listed company on Monday said it would raise an initial A$20-milion in a share placement priced at 70c a share. More than 26.4-million shares will be issued under the company’s existing placement capacity, raising A$18.5-million.

An additional 2.14-million shares will be placed to the company’s directors, subject to shareholder approval, raising a further A$1.5-million.

Every two new shares issued under the placement will have one attaching option with an exercise price of A$1.10 each and an expiry date of the end of November 2024.

In addition to the share placement, Nova Minerals has also secured a convertible facility with Nebari Gold Fund 1 for $7-million, or around A$10-million. The convertible facility will have a 24-month term, a coupon rate of 6% a year and a set-up fee of 1%.

“Having a leading global gold fund such as Nebari join our register, along with other large institutions, provides a strong endorsement of the size, scale and opportunity at the Estelle gold project, which institutions are now recognising,” said Nova CEO Christopher Gerteisen.

“We are thrilled to welcome Nebari aboard, who we regard as a partner, not just a funder, and we look forward to working with their highly respected and knowledgeable team to bring the outstanding Estelle Gold Trend to fruition in a way that provides robust returns for all stakeholders.

“This is a transformational moment for Nova and its shareholders. The funding announced today, along with the accompanying convertible facility at a 30% premium, allows the company to fast-track our development plans,” said Gerteisen.

“This funding provides certainty through our fast-track development approach, whilst also enabling Nova to continue to undertake value accretive exploration and discovery activities. We believe these additional funds will drive long-term value for all stakeholders as we continue on our path to commercial production, whilst unlocking the Estelle Gold Trend.”