Nexus Minerals' $4.1 million placement announcement

Nexus Minerals Limited (ASX:NXM) has received firm commitments for a placement of new fully paid ordinary shares to raise $4.1 million before costs. The issue price of 4.2 cents represents a 2.4% premium to the last closing price as at 3 September 2024. The funds raised will support ongoing aircore, reverse circulation and diamond drilling, geophysical surveys, exploration activities, and mine studies at the Wallbrook Gold Project, strengthening the company's balance sheet with a net cash position of approximately $7.2 million.

Nexus Minerals' Managing Director, Andy Tudor, on the placement

It is a great result to have received such a positive outcome and strong support from existing and new shareholders, also a strong endorsement of the Company's Wallbrook Gold Project endeavors. The proceeds from the Placement will allow Nexus to continue with its regional exploration programs at the Wallbrook Gold Project, where the Company has been having continued exploration success. The exploration efforts will complement the current Crusader-Templar resource base, with the exploration strategy seeing aircore drilling of new target areas commencing in the coming weeks.

Summary of Nexus Minerals' $4.1 million placement announcement

Nexus Minerals Limited (ASX:NXM) has successfully secured a $4.1 million placement to advance its Wallbrook Gold Project. The placement, with firm commitments from institutional, sophisticated, and professional investors, will strengthen the company's balance sheet, providing approximately $7.2 million in net cash. The funds raised will support ongoing exploration activities, including aircore, reverse circulation, and diamond drilling, geophysical surveys, and mine studies at the Wallbrook Gold Project. Additionally, the placement will support minimum expenditure requirements at the Pinnacles Gold Project and the company's NSW and Victorian projects, while also providing general working capital. Nexus Minerals is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia and is investing in new exploration techniques to refine the targeting approach for their current and future tenements.