Nexus Announces Non-Brokered Financing of FT Units
Nexus Announces Non-Brokered Financing of
FT Units
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2024) - Nexus Uranium Corp. (CSE: NEXU)
(OTCQB: GIDMF) (FSE: 3H1) (the "
Company
" or "
Nexus
") is pleased to announce a non-brokered
private placement of up to 3,461,538 units of the Company ("
FT Units
") at a price of $0.52 per FT Unit
to raise gross proceeds of up to $1,800,000 (the "
Offering
").
Each FT Unit consists of one common share of the Company (a "
FT Share
") to be issued as a "flow-
through share" within the meaning of the
Income Tax Act
(Canada) (the "
Tax Act
") and one common
share purchase warrant (a "
Warrant
") each of which is exercisable to acquire one common share for 24
months following closing at an exercise price of $0.60.
Proceeds from the Offering will be used to incur "Canadian exploration expenses" as defined in
subsection 66.1(6) of the Tax Act and "flow through critical mineral mining expenditures" as defined in
subsection 127(9) of the Tax Act at the Cree East uranium project located in the Athabasca Basin.
Upon closing of the Offering, the Company may pay to certain eligible finders a cash finder's fee of up to
7.0% of the aggregate gross proceeds of the Offering. The Company may also issue to such finders
non-transferrable warrants of the Company exercisable at any time prior to the date that is 24 months
from the Closing Date to acquire that number of common shares as is equal to 7.0% of the number of FT
Units issued under the Offering, at an exercise price of $0.52.
Completion of the Offering is subject to certain conditions including the receipt of all necessary
approvals, including the approval of the Canadian Securities Exchange.
About Nexus Uranium Corp.
Nexus Uranium Corp. is a multi-commodity development company focused on advancing the Cree East
uranium project in the Athabasca Basin and the Wray Mesa uranium-vanadium project in Utah in
addition to its precious metals portfolio that includes the development-stage Independence mine located
adjacent to Nevada Gold Mine's Phoenix-Fortitude mine in Nevada, the Napoleon gold project in British
Columbia, and a package of gold claims in the Yukon. The Wray Mesa project covers 6,282 acres within
the heart of the prolific Uruvan mining district in Utah and has extensive historical drilling of over 500
holes defining multiple mineralized zones. The Independence project hosts an M&I (measured and
indicated) resource of 334,300 ounces of gold (28M tonnes at 0.41 g/t gold) and an inferred resource of
847,000 ounces (9M tonnes at 3.22 g/t gold) of gold with a substantial silver credit. A 2021 Preliminary
Economic Assessment (PEA) outlined a low-cost heap leach operation focusing on the near-surface
resource with total production of 195,443 ounces of gold at an all-in sustaining cost of $1,078 (U.S.) per
ounce of gold. The Napoleon project comprises over 1,000 hectares and prospective for multiple forms
of gold mineralization, with exploration in the area dating back to the 1970s with the discovery of high-
grade gold. The Yukon gold projects are comprised of almost 8,000 hectares of quartz claims
prospective for high-grade gold mineralization with historical grab sampling highlights of 144 g/t gold.
Nexus Uranium cautions investors the preliminary economic assessment is preliminary in nature, it
includes inferred mineral resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categorized as mineral reserves,
and there is no certainty that the preliminary economic assessment will be realized. The Company further
cautions investors Mineral Resources which are not Mineral Reserves do not have demonstrated
economic viability and further cautions investors the quantity and grade of the reported inferred Mineral
Resources are uncertain in nature and there has been insufficient exploration to define these inferred
Mineral Resources as indicated Mineral Resources.
The Company cautions investors it has yet to verify the historical data and further cautions investors grab
samples are selective by nature and are unlikely to represent average grades of sampling on the entire
property.
--
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier
Chief Executive Officer
When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend",
"expect", "plan", "predict", "may" or "should" and the negative of these words or such variations
thereon or comparable terminology are intended to identify forward-looking statements and
information. Although Nexus believes, in light of the experience of their respective officers and
directors, current conditions and expected future developments and other factors that have been
considered appropriate, that the expectations reflected in the forward-looking statements and
information in this press release are reasonable, undue reliance should not be placed on them
because the parties can give no assurance that such statements will prove to be correct. The forward-
looking statements and information in this press release include, amongst others, the Company's
ability to complete the Offering on the terms announced. Such statements and information reflect the
current view of Nexus. Such statements and information reflect the current view of Nexus. There are
risks and uncertainties that may cause actual results to differ materially from those contemplated in
those forward-looking statements and information.
Forward-looking statements are based on certain material assumptions and analysis made by the
Company and the opinions and estimates of management as of the date of this news release,
including, but not limited to the assumption that the CSE will approve the Offering and the assumption
that Company will be able to locate purchasers for the Offering.
These forward-looking statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such forward-looking
statements or forward-looking information, including, but not limited to: the risk that the CSE will not
approve the Offering, the risk that the Company will not be able to locate suitable purchasers for the
Offering, and inherent risks associated with the mining industry and the results of exploration activities
and development of mineral properties, stock market volatility and capital market fluctuations, general
market and industry conditions, as well as those risk factors discussed in the Company's most
recently filed management's discussion & analysis.
Although management of the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements and forward-looking
information. Readers are cautioned that reliance on such information may not be appropriate for other
purposes. The Company does not undertake to update any forward-looking statement, forward-looking
information or financial outlook that are incorporated by reference herein, except in accordance with
applicable securities laws.
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https://www.newsfilecorp.com/release/212653