cap raise, page-3

Stockbroker Evolution Capital is trying to raise $10 million for ASX-listed gold/lithium play Nova Minerals, in a rare weekend placement that opened at midday on Sunday.The broker was seeking buyers for 90.9 million new Nova Minerals shares at 11¢ each, in a deal that valued the company at $194.9 million on a market capitalisation basis.Street Talk. Jim RiceThe stock last traded at 14¢. Nova Minerals shares were expected to go into a trading halt on Monday, while the raising takes place.Funds raised would be used for Nova Minerals’ exploratory drill programs and to work up an updated resource estimate and pre-feasibility study, according to terms sent to potential investors.Nova Minerals’ flagship asset is its Estelle Gold Project in Alaska, where recent drilling has come back with results strong enough to start the pre-feasibility study.The company also owns a controlling stake in Snow Lake Resources, a lithium project, which has filed for an initial public offering in the United States valuing it at about $US120 million.The broker was calling for bids by 2pm on Monday.