Nexus Minerals Ltd (ASX:NXM) has received commitments to raise about $5 million to advance drilling activities at the Crusader-Templar prospect and other regional exploration at the wider Wallbrook Gold Project.
The gold exploration company will issue a total of 27,777,778 new shares at $0.18 each to corporate, professional, sophisticated and institutional investors.
“The proceeds from the placement will allow Nexus to continue with its exploration programs at the Wallbrook Gold Project, where the company has been having continued exploration success at the Crusader-Templar and Branches prospects in recent drill programs,” managing director Andy Tudor said.
“The development of a regional exploration strategy will also see aircore drilling of new target areas in the coming months. The support for the placement was encouraging and a strong endorsement of the company’s Wallbrook Gold Project endeavours,” he added.
Northern Star Resources Ltd (ASX:NST) participated in the placement and will raise its voting power to 4.95% from 2.27% upon completion of the exercise.
About Nexus
Nexus' project locations in the Eastern Goldfields.
The company is actively exploring for gold deposits on its highly prospective tenement package in the Eastern Goldfields of Western Australia.
Nexus recently expanded its existing project portfolio with the addition of the Bethanga Porphyry Copper-Gold Project in Victoria.
The Wallbrook Gold Project commences immediately to the north of the multi-million ounce Carosue Dam mining operations and current operating Karari and Whirling Dervish underground gold mines.