Nexus Gold Closes First Tranche of Private Placement
Tickers: US OTC: NXXGF, TSX.V: NXS, FSE: N6E
Tags: Mining, Gold, Precious Metals, Exploration
Vancouver, Canada – April 15, 2016 – Nexus Gold Corp. (“Nexus” or the “Company”) (TSX-V: NXS) is pleased to announce that it has completed the first tranche of a non-brokered private placement of up to 10,000,000 units (each, a “Unit”) in the capital of the Company at $0.05 per Unit for gross proceeds of up to $500,000.
Each Unit shall consist of one (1) common share in the capital of the Company and one-half-of-one share purchase warrant. Each full warrant will entitle the holder to purchase one (1) additional share for $0.075 for a period of twenty-four (24) months.
In connection with closing of the first tranche, the Company has issued 3,600,000 Units, for gross proceeds of $180,000.
Final completion of the offering is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to a statutory four-month hold period. It is anticipated that management and insiders of the Company will participate in the offering.
The net proceeds will be used by the Company for its 2016 exploration program and for general working capital purposes.
About the Company
Nexus Gold Corp. is a Vancouver-based mineral exploration company that develops precious metal mineral assets in the world’s premier mining and exploration districts. The company is currently concentrating its exploration efforts on the Walker Ridge Gold Project, a drill-ready, multiple-target, Carlin-type gold exploration project located in the Independence/Jerritt Canyon Gold Trend, Nevada, USA.
On behalf of the Board of Directors of
NEXUS GOLD CORP.
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.