LONDON (Alliance News) - Nova Resources Ltd Monday said it has secured new funding of up to GBP1 million after two investors agreed to provide investment facilities of GBP500,000 each.
The investment company said Upside Management (Offshore) SAL and Consiliou Growth Fund will get shares and warrants in return for drawdowns from the facilities.
Nova had been in talks with several parties about new funding that will allow it to pursue its investing policy.
In a statement, the company said it's Mongolian investment still hasn't renewed its coal transportation contract. In September, it announced the contract with Transgobi LLC had expired, and its Mongolian investment was in talks about trying to renew it whilst also exploring other options in the country.
Nova Resources shares were up 16.4% at 1.28 pence Monday morning, one of the biggest gainers on the London market.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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