A$5.4 Million Placement to Advance Wallbrook Gold Project

Key points

• Firm commitments for A$5.4M placement at A$0.053 per share
• Placement backed by North American and Australian investors
• Funds to advance Wallbrook Gold Project and other explorations

Full summary

Nexus Minerals Limited (ASX: NXM) has secured firm commitments for a placement raising approximately A$5.4 million (before costs) through the issue of 101.9 million shares at A$0.053 per share. The placement was strongly supported by North American long-only and Australian institutional investors, as well as existing shareholders. The funds will be used for exploration activities at the Wallbrook Gold Project, including aircore, RC, and diamond drilling, and for general working capital.

Guidance

Nexus Minerals expects to have approximately A$8.7 million in cash after the placement.

Outlook

The company aims to use the funds raised to advance exploration activities at the Wallbrook Gold Project and other projects.