Anova revises $6.7m raising

Anova Metals has cut the pricing of its planned entitlement offer from 1 cent per share to 0.7 cents to reflect the downturn in equity markets.

The gold explorer is seeking to raise $3.2 million through its entitlement offer, with Argonaut Securities appointed as lead manager.

Anova aims to raise a further $1.7 million through a share placement at 1 cent per share and has lined up a $2 million loan with Hong Kong-based investment group Xingao.

The proceeds will be used to partially repay its loan to Twynam Agricultural Company.

It also owes $1 million in stamp duty to the Office of State Revenue following its purchase of Exterra Resources.

The company’s main asset is the Linden gold project in Western Australia.