(TheNewswire)
Vancouver, Canada- TheNewswire – December 31, 2020 -Nexus Gold Corp. (“Nexus” or the “Company”)(TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to announce that it hascompleted the offering of 18,440,910 flow-through units (each, an“ FT Unit ”). The FT Units were offered by way of non-brokeredprivate placement, at a price of $0.055 per FT Unit, for grossproceeds of $1,014,250. Each “FT Unit” is comprised of onecommon share, and one common share purchase warrant (each, an“ FT Warrant ”) exercisable to acquire an additional common share at aprice of $0.07 for a period of thirty-six months.
The Company has also completed a final tranche of itspreviously announced offering of non-flow-through units (each, an“ NFT Unit ”), and has issued a further 25,873,682 NFT Units at aprice of $0.055 per NFT Unit. Each “NFT Unit” consists of onecommon share of the Company, and one-half-of-one common share purchasewarrant (each, an “ NFTWarrant ”) exercisable to acquire an additionalcommon share of the Company at a price of $0.075 for a period oftwenty-four months.
When combined with the earlier offering of NFT Unitscompleted by the Company on November 30, 2020, the Company has raisedgross proceeds of $3,007,640 through the offering of FT Units and NFTUnits. The gross proceeds from the offerings will be used forfurther project development work, for general working capitalpurposes, and to fund Canadian Exploration Expenses (within themeaning of the Income Tax Act (Canada)) which shall qualify as“flow-through mining expenditures” for the purposes of the IncomeTax Act (Canada).
In connection with completion of the offerings, theCompany paid finders’ fees of $74,655 and issued 1,029,364 FTWarrants and 630,400 NFT Warrants to certain arms-length parties whointroduce subscribers to the offerings. All securities issued inconnection with completion of the offerings are subject to afour-month-and-day statutory hold period, in accordance withapplicable securities laws.
About the Company
Nexus Gold is a Canadian-based gold exploration anddevelopment company with an extensive portfolio of eleven projects inCanada and West Africa. The Company’s West African-based portfoliototals five projects encompassing over 750-sq kms of land located onactive gold belts and proven mineralized trends, while it’s100%-owned Canadian projects include the McKenzie Gold Project in RedLake, Ontario, the New Pilot Project, located in British Columbia'shistoric Bridge River Mining Camp, and four prospective gold andgold-copper projects (3,700-ha) in the Province of Newfoundland. The Company is focusing on the development ofseveral core assets while seeking joint-venture, earn-in, andstrategic partnerships for other projects in its growingportfolio.
For more information, please visit nexus.gold
On behalf of the Board of Directors of
NEXUS GOLD CORP.
Alex Klenman
President & CEO
604-558-1920
info@nexusgoldcorp.com
www.nexusgoldcorp.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements. These statements are based on currentexpectations and assumptions that are subject to risks anduncertainties. Actual results could differ materially because offactors discussed in the management discussion and analysis section ofour interim and most recent annual financial statement or otherreports and filings with the TSX Venture Exchange and applicableCanadian securities regulations. We do not assume any obligation toupdate any forward-looking statements, except as required byapplicable laws.
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