- Nexus Minerals (NXM) has entered a two-day trading halt as it gets ready to tap sophisticated and professional investors for additional funds
- The business entered a trading halt on Thursday, and will remain halted until Monday to give itself time to plan and carry out the proposed capital raising
- NXM closed out the September quarter with $7.2 million in the bank, having spent $1.7 million on exploration and administration costs
- Since the end of Q1, Nexus Minerals has been focused on exploring the Crusader prospect within its wider Wallbrook gold project
- Company shares last traded at 50 cents each on November 10
Nexus Minerals (NXM) has entered a two-day trading halt as it gets ready to tap sophisticated and professional investors for additional funds.
The business entered a trading halt on Thursday, to give itself time to plan and carry out the proposed capital raising.
No details have been released just yet, but an announcement should be released to market before it opens on Monday, November 15.
NXM closed out the September quarter with $7.2 million worth of cash in the bank, enough cash to keep the business running for another 4.17 quarters.
The company spent around $1.7 million on operating activities, with the majority of those funds going towards exploration and evaluation costs.
Since the end of Q1, Nexus Minerals has been focused on exploring the Crusader Prospect, within its wider Wallbrook Gold Project.
Located in WA’s Eastern Goldfields region, NXX is carrying out a 30,000 metres reverse circulation drill program at Crusader testing for gold.
Best results include 4 metres at 15.25 grams per tonne (g/t) gold from 20 metres, and 0.28 metres at 35.62 g/t gold from 258 metres.
Shares in Nexus Minerals last traded at 50 cents each on Wednesday, November 10.