Nexus Minerals (ASX:NXM) received firm commitments to raise AU$8.1 million via an institutional placement, according to a Wednesday filing with the Australian bourse.
Under the placement, the mining company will issue roughly 115.7 million shares at a price of AU$0.07 apiece, representing a nearly 13% discount to the last closing price on April 24, the filing stated.
Canaccord Genuity acted as sole lead manager and bookrunner to the placement.
Funds will be used to support exploration activities at the company's Wallbrook gold project in Western Australia.
Nexus Minerals' shares were down 3% in recent trade.
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