Nexus says it expects to raise a further C$1.5 million through a "follow-on" placement of six million 25c units due to surplus demand for the initial share allotment.
The company's share price finished up 4.76% Thursday at 33c, capitalising Nexus at C$4.82 million. The stock was trading at C$2.15 September 5, 2017.
The 20 million new 15c shares, and 25c-priced follow-on units, have attached warrants exercisable at 25c and 35c, respectively, within a year of issue.
Nexus said it had also granted Sandstorm a 1% net smelter return royalty on future production from its Bouboulou, Niangouela and Rakounga concessions on the Boromo-Goren greenstone belt, where it has been reporting high-grade gold intercepts from resource and extensional drilling.
Historical drilling identified multiple gold mineralised zones over three 5km-long trends and Nexus says its drilling has confirmed the previous results and identified new mineralised zones.
"The company has compiled historical data including airborne geophysics, RAB drilling, geochemical sampling, reverse circulation drilling, diamond drilling and the location of … zones of artisanal gold mining," Nexus said. Data reviewed includes more than 7,000 assays collected between 2011 and 2012 by Roxgold that highlighted the three strong coincidental geochemical and geophysical anomalous gold trends.
"Exploration dollars will be focused on maximising economic intercepts and establishing additional mineralised zones."
Nexus is aiming to move "toward potential resource estimates" at Niangouela and Bouboulou-Rakounga within 18-24 months.