Convertible Note Conversion
Melbourne, July 2, 2020 AEST (ABN Newswire) - Nova Minerals Limited (
ASX:NVA) (QM3:FRA) (NVAAF:OTCMKTS) is pleased to advise that it has elected to convert the secured convertible notes (Notes) it holds in Torian Resources Limited (ASX:TNR) (Torian) which was the subject of its ASX release dated 26 March 2020.
Nova has agreed to convert all of the Notes, which have a face value of $413,325, into 91,850,000 fully paid ordinary shares in Torian at the conversion price of $0.0045 per share on the following conditions:
- Torian to continue to pay Nova interest of $4,133 per month until 25 March 2021 being the remaining time period of the Notes were they not converted.
- Torian issues Nova a further 2,755,500 ordinary shares in satisfaction of the proceeding three months of interest that would otherwise be payable in cash referred to in the bullet point above.
- Torian announces its intention to undertake a renounceable pro-rata entitlement offer with the record date for participation in the Rights Issue being after the date of conversion of the Nova Notes.
- Torian issuing a rights issue prospectus that has the ancillary objective of permitting secondary trading of the shares issued upon conversion of the Notes.
As a consequence of the conversion, NVA will hold an interest in approximately 17.52% of the issued share capital of Torian.
NVA CEO, Mr. Christopher Gerteisen said: "Nova is pleased to be able to show its commitment to Torian, its dedicated management, strong technical team and quality projects in the prolific Eastern Goldfields district of Western Australia. We will continue to work closely with the Board of Torian and offer our support to maximise long term value for all shareholders."
About Nova Minerals Limited
Nova Minerals Limited (ASX:NVA) (FRA:QM3) is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including, Barrick's Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer.
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