Nova Royalty Corp. (TSX-V: NOVR), a royalty company focused on copper and nickel, announced a $10 million public offering on Monday.
The company plans to issue three million common shares at $3.30 each. The offering will be led by PI Financial Corp., with PI Financial and Cantor Fitzgerald Canada Corp as co-bookrunners.
Nova says it plans to use the proceeds for its recent acquisition of a 1% net smelter royalty on the Aranzazu copper mine owned by Aura Minerals for $9 million. The addition of the royalty on the producing midsize mine is a boon to Nova's portfolio, and joins the company's recent acquisition of a royalty on the West Wall copper project owned by Anglo American and Glencore.
Shares of Nova were halted before the company announced the Aranzazu royalty acquisition, remaining at $3.72 on Monday afternoon.