EraNova Metals Inc. (TSXV: NOVA) (OTCQB: STXPF) closed its non-brokered private placement on June 8, raising gross proceeds of $627,524.70 through the issuance of 4,183,498 common shares at $0.15 per share.

The Vancouver-based mineral exploration company initially announced the private placement on May 19 for gross proceeds of up to $600,000. The financing was oversubscribed due to investor demand, according to a company statement.

The securities are subject to a regulatory hold period expiring on October 6, 2026. The private placement requires final approval from the TSX Venture Exchange.

EraNova paid finder's fees totaling $39,726.75, representing 7% of gross proceeds from shares placed by applicable finders. The fees were distributed among Stephen Avenue Securities ($1,750), Research Capital Corporation ($2,625), Canaccord Genuity Corp. ($3,501.75), Ventum Financial Corp. ($2,100), and Haywood Securities Inc. ($29,750).

The company plans to use net proceeds to support technical work and completion of a NI 43-101 compliant Preliminary Economic Assessment on the Adanac Molybdenum Project, marketing initiatives, and general working capital purposes.

"This financing allows us to complete one of the most important milestones in the Company's history," said Meredith Eades, President and CEO. "The upcoming PEA will provide the first modern assessment of its economic potential."

A company director and officer participated in the private placement by acquiring 133,333 common shares, constituting a related party transaction under TSX Venture Exchange policies.

EraNova's flagship asset is the 29,700-hectare Ruby Creek Property near Atlin, British Columbia, which hosts the Adanac Molybdenum Project and the Atlin Discovery Project.