Nexus Minerals (ASX:NXM) to raise $5m to fund Wallbrook exploration, WA

• Nexus Minerals (NXM) is set to raise $5 million through a share placement to fund exploration activities at its Wallbrook gold project in WA
• This will include drilling work at the Crusader-Templar and Branches prospects, regional target generation, regional geophysical surveys, and working capital
• Nexus will issue 27.8 million new shares at 18 cents per share to raise the funds, representing a 10 per cent discount to its five-day volume-weighted average price
• The new shares will be issued under the company’s placement capacity, with settlement slated for September 30
• Shares in Nexus Minerals were down 4.65 per cent to 20.5 cents at 1:39 pm AEST

Nexus Minerals (NXM) is set to raise $5 million through a share placement to fund exploration activities at its Wallbrook gold project in WA.

This will include drilling work at the Crusader-Templar and Branches prospects, regional target generation, regional geophysical surveys, and working capital.

Nexus will issue 27.8 million new shares at 18 cents per share to raise the funds, representing a 10 per cent discount to its five-day volume-weighted average price (VWAP).

Managing Director Andy Tudor said the support seen for the placement was a “strong endorsement” of the Wallbrook project.

“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,” Mr Tudor said.

The new shares will be issued under the company’s placement capacity, with settlement slated for September 30.

Shares in Nexus Minerals were down 4.65 per cent to 20.5 cents at 1:39 pm AEST.