Nexus Minerals Ltd (ASX:NXM) has raised $3.2 million in a renounceable entitlement issue with significant support from shareholders and new institutional and professional investors.
Proceeds from the rights issue will enable the company to progress exploration activities at the Wallbrook Gold Project, the Bethanga Porphyry Copper-Gold Project and the NSW LCT Pegmatite Project.
“Continued commitment”
Nexus managing director Andy Tudor said: “We would like to thank our shareholders for the support they have shown during this entitlement issue, demonstrating their continued commitment to the company and enthusiasm for our future."
He said the support came “as we continue exploration at the Wallbrook Gold Project, prepare for the upcoming drill program at the Bethanga Porphyry Copper-Gold Project and commence exploration activities on the NSW LCT Pegmatite Project, following on from the recent positive Merrimac LCT exploration results”.
The company will issue a total of 63,406,820 new fully paid ordinary shares and 31,703,410 new options exercisable at $0.13, with an expiry date of March 26, 2025. The options will be quoted under the ASX code NXMO.
Nexus expects to issue the new securities on October 3, 2023, in accordance with the timetable in the entitlement issue prospectus.
Mahe Capital Pty Ltd acted as lead manager and underwriter to the entitlement issue and advised Nexus on the offer.