The funds will be used for exploration including a reverse circulation (RC) drilling program at the Wallbrook Gold Project about 140 kilometres northeast of Kalgoorlie-Boulder in Western Australia.
Nexus has started a RC drilling program at the Paint and Crusader prospects at its Wallbrook Gold Project.
Nexus has a package of tenements in the Eastern Goldfields, holding land picked up from both Saracen and Newmont Mining Corp’s (NYSE:NEM) Newmont Exploration.
Share purchase plan
The company intends to raise up to a further $750,000 through a share purchase plan (SPP) which is now open.
The plan offers eligible shareholders the opportunity to purchase up to $15,000 of Nexus shares at 5.7 cents each without incurring brokerage or transaction costs.