Nexus to raise $2.3m through share placement

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Image credit: www.nexus-minerals.com

Nexus Minerals announced that it has received firm commitment for a capital raising of approximately $2.3 million, by the issue of up to 11.9 million ordinary shares at 19.5 cents per share.

Image credit: www.nexus-minerals.com
Image credit: www.nexus-minerals.com

The company said that the Placement will be made available to sophisticated and professional investor clients of Hartleys Limited and corner-stoned by a number of local and international institutional investors.

“Managing Director Andy Tudor has also committed to a total of 153,850 new shares, representing $30,000, on the same terms as the Placement, subject to shareholder approval,” the company told the ASX.

“Capital raised from the Placement will be used to accelerate exploration activities, including drilling on the Company’s Pinnacles JV tenement and Pinnacles Regional tenements, located approximately 130km northeast of Kalgoorlie, Western Australia. Funds raised will also be allocated to working capital requirements.”

Adertisement

Nexus has entered into a Farm-in and JV agreement over the Pinnacles JV Gold Project with Saracen Gold Mining, a subsidiary of Saracen Mineral Holdings.