Enova Mining completes oversubscribed $1.5m placement

Enova Mining Limited (ASX: $ENV) has successfully completed a placement to sophisticated and professional investors, raising $1.5 million before costs. The placement was oversubscribed, with a total of 83,333,333 fully paid ordinary shares issued at $0.018 per share, along with 41,666,667 attaching unlisted options exercisable at $0.04 each and expiring 3 years after issue. The funds raised will be allocated for the continued development of the Charley Creek project and for general working capital purposes.

Executive Commentary on Placement and Project Development

The funds raised through the oversubscribed placement will be instrumental in advancing the Charley Creek project and supporting our ongoing operations. Approximately half of the proceeds will be directed towards the exploration and development expenditure at Charley Creek, while our Brazilian operations will be funded through existing cash balances. This funding will enable us to expand our activities at Charley Creek, building upon the progress initiated with the previous placement announced in August 2023. We are committed to updating the market on further developments at the Charley Creek project as we continue to make significant strides in its development.

Summary of Enova Mining's Placement and Future Plans

Enova Mining Limited (ASX: $ENV) has successfully completed an oversubscribed $1.5 million placement, issuing fully paid ordinary shares and attaching unlisted options. The funds raised will be allocated for the continued development of the Charley Creek project and for general working capital purposes. The company plans to expand its activities at Charley Creek, building upon the progress initiated with the previous placement announced in August 2023. Enova remains focused on updating the market on further developments at the Charley Creek project and is set to settle the placement and issue the placement shares on 15 April 2024. Additionally, a meeting of shareholders is expected to be held in the second half of May 2024 to approve the issue of the attaching options.