Nova Minerals (ASX:NVA) agreed with Nebari Gold Fund 1 to eliminate its existing convertible debt through a conversion of the full outstanding balance of the Nebari Note into ordinary shares, according to a Wednesday filing with the Australian bourse.
Nebari will convert the balance of the $5.4 million Nebari Note to ordinary shares at AU$0.25 apiece on Jan. 13, in accordance with the terms of the note approved by shareholders in November 2024, the filing said.
Nova Minerals shares fell nearly 4% in afternoon trade Wednesday.
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