NexMetals closes $80 million offering, gains Condire as 9.9% shareholder

NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) completed an $80 million public offering of units priced at C$5.70 each, according to a company statement.

The offering attracted Condire Investors, LLC, a Dallas-based investment firm that acquired approximately 9.9% of NexMetals' outstanding common shares. Each unit consists of one common share and one warrant exercisable at C$8.00 until November 17, 2027.

EdgePoint Investment Group Inc. and its affiliates participated in the offering by purchasing 1,578,500 units for approximately C$9 million, bringing their total ownership to about 17.6% of outstanding shares.

NexMetals plans to use the net proceeds to fund the first contingent milestone payment under its Asset Purchase Agreement for the Selebi and Selkirk mines before the end of 2025, advance exploration and development activities at its Botswana mineral assets, and for working capital purposes.

SCP Resource Finance LP served as sole bookrunner, with Raymond James Ltd. acting as co-lead agent. The agents received a cash commission of 6.0% on gross proceeds, totaling C$4,512,017.

The offering remains subject to final approval from the TSX Venture Exchange. The company obtained conditional approval for listing and trading the warrants on the exchange, pending satisfaction of post-closing filing requirements.

Certain company insiders purchased 1,695,000 units in the offering, including EdgePoint's investment. The company relied on exemptions under Multilateral Instrument 61-101 as insider participation did not exceed 25% of the company's market capitalization fair value.

NexMetals focuses on redeveloping previously producing copper, nickel and cobalt mines in Botswana.

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