Nexus Minerals Sees Strong Interest in Funding for Wallbrook Gold Project

September 09, 2024 02:08 PM AEST | By Team Kalkine Media

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Nexus Minerals Sees Strong Interest in Funding for Wallbrook Gold Project — Image source: shutterstock

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With strong commitments secured for raising $4.1 million through a highly sought-after placement, Nexus Minerals Ltd (ASX:NXM) is positioned to advance its Wallbrook Gold Project in the north-eastern Goldfields of Western Australia.

Following the capital raise, the company will have approximately $7.2 million available to fund ongoing exploration activities, including aircore, reverse circulation, and diamond drilling, geophysical surveys, and mine studies at Wallbrook. The funds will also support minimum expenditure requirements at the Pinnacles Gold Project and other projects in New South Wales and Victoria.

Recently, Nexus reported early exploration success at Wallbrook, with broad, high-grade near-surface assay results indicating strong growth potential.

"The proceeds from the placement will enable Nexus to continue its regional exploration programs at the Wallbrook Gold Project, where ongoing exploration has shown positive results," said Andy Tudor, Nexus Managing Director. "These efforts will complement the existing Crusader-Templar resource base, with aircore drilling of new target areas set to begin in the coming weeks."

Details of the Placement
The company received firm commitments for a placement of new fully paid ordinary shares to raise $4.1 million before costs, with demand exceeding the funds sought.

"This strong support from both existing and new shareholders represents a significant endorsement of the company's efforts at the Wallbrook Gold Project," Tudor stated.

The placement price of $0.042 per new share reflects a 2.4% premium to the last traded price of NXM's shares and an 8.8% discount to the 15-day volume-weighted average price (VWAP). A total of approximately 97.3 million new shares will be issued as part of the placement.

Demonstrating confidence in the project, the company's directors have committed to subscribing for 1.7 million new shares, subject to approval at the upcoming Annual General Meeting scheduled for before the end of November.

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