EraNova Metals Inc. (TSXV: NOVA) (OTCQB: STXPF) announced a non-brokered private placement to raise up to $600,000 through the sale of up to 4 million common shares at $0.15 per share.

The company plans to use proceeds to support technical work and complete a NI 43-101 compliant Preliminary Economic Assessment on the Adanac Molybdenum Project, according to the press release. Funds will also support marketing initiatives and general working capital purposes.

"Closing this financing is a significant step forward that allows us to finalize the completion of our Preliminary Economic Assessment, moving EraNova one step closer to proving the economic foundation of our flagship Adanac Molybdenum Project," stated Meredith Eades, President and CEO.

The Adanac Molybdenum Project is located on EraNova's 29,700-hectare Ruby Creek Property near Atlin, British Columbia. The property also contains copper, gold, silver, tungsten, and rare earth element targets.

Company directors, officers or insiders may participate in the private placement, which would constitute a related party transaction under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company intends to rely on exemptions from formal valuation and minority shareholder approval requirements.

The private placement may close in one or more tranches and is subject to regulatory approvals, including TSX Venture Exchange approval. The company may pay finder's fees of up to 7% of gross proceeds in accordance with exchange policies.

All securities issued will be subject to a four-month and one-day statutory hold period under applicable securities laws. The shares have not been registered under U.S. securities laws.

EraNova also holds interests in the Big Ledge Zinc Project in British Columbia and the South Thompson Nickel Project in Manitoba.