Nova Minerals Ltd: On-Market Buy-Back of Ordinary Shares
Melbourne, Australia - The directors of Nova Minerals Ltd. (Nova or Company) (ASX:NVA) (FRA:QM3) announce today an on-market buy-back of ordinary fully paid shares in the Company up to a value of $500,000 (Buy-Back).The Buy-Back is intended to improve shareholder returns, enhance capital efficiency while maintaining the Company's flexibility to pursue growth and other means of generating shareholder value.
The Company has moved quickly and accomplished a lot in a relatively short period of time across its project portfolio. Further details of the Company's progress and its long-term vision and value creation strategy are set out in its ASX announcements titled "Corporate and Operational Update" (8 October 2018) and "CEO's Letter to Shareholders" (6 August 2018).
The results of the Company exploration campaigns have been promising and the Company intends to continue to seek to achieve its published exploration and fast track objectives. However, the Company is also in the process of assessing new ways of achieving these objectives with external funding through the prospect of spinning off the Company's Thompson Brothers Lithium asset on the TSX.V and through potential future funding partners or future raisings in a preferable market environment.
Given prevailing market conditions, Nova's board believes that a Buy-Back is in the Company's best interests and will not compromise its ability to meet its stated short to medium term exploration objectives.
The Buy-Back is expected to commence from 1 November 2018, and will remain in place for a period of up to 12 months or until completed provided that Nova may vary, suspend or terminate the Buy-Back based on its prevailing view of market conditions and other factors which it considers may affect shareholder interests.
The shares that are subject of the Buy-Back will be purchased at a price of not more than 5% above the 5-day volume weighted price of Nova's shares (at the time of trade).
The Company has appointed PAC Partners (see Appendix 3C) to conduct the Buy-Back on its behalf.
Please find attached an Appendix 3C issued by the Company.
NVA Managing Director, Mr. Avi Kimelman said:
"The buy-back program will not impact Nova's existing fast track strategy. Given the Company's planned spin-off of the Thompson Brothers Lithium Project as well as our confidence in Nova's strategy and the fundamental value of our projects, the Board considers that a share buy-back provides the most appropriate use of the Company's capital at this point in time for greater shareholder value."
"Nova will maintain the flexibility to respond to changes in market conditions and take advantage of opportunities as they arise in the future."
About Nova Minerals Ltd:
Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
Source:
Nova Minerals Ltd.
Contact:
Nova Minerals Ltd. P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au