02:18 PM EST, 01/02/2025 (MT Newswires) -- (Updates with the stock movements in the last paragraph.)

Nova Minerals ( NVA ) said Thursday it completed the sale of the 6.6 million shares it owned in Snow Lake Resources ( LITM ) for gross proceeds of $6.7 million.

The company said it allocated $4 million from the proceeds to reduce its Nebari loan, leaving $1.4 million of the facility on its balance sheet.

Nova said it will use the remaining proceeds for exploration and development at its Estelle Gold and Critical Minerals project in Alaska.

Nova shares rose 7.1% in recent Thursday trading, and Snow Lake fell 3.9%.

Price: 14.83, Change: +0.98, Percent Change: +7.08