The placement was extremely well supported by the company's existing institutional shareholders and has also seen the introduction of several new important financial institutions to the Nexus share register.
The new capital raised will enable Nexus to aggressively pursue its ongoing asset development program focused on transforming Nexus from an exploration company to a significant producer. The funds are to be deployed on the following activities:
The placement will be in 2 tranches:
Announcing this today Nexus Managing Director Ian Tchacos said "Nexus is an asset rich company with an exceptional resource base capable of generating substantial long term cash flows. The capital raised will enable the Company to rapidly progress the commercialization of the Longtom Gas Field and the Crux Gas Condensate Field unlocking the value potential of these assets and propelling the Company from a junior explorer to a significant producer. We have the assets, the people and now the capital required to take Nexus to the next level. We are delighted to have been well supported by our current shareholders as well as new local and overseas institutional shareholders which add further depth to Nexus' shareholder base."
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