Nexmetals increases public offering to $80-million

Executive Summary

• Nexmetals Mining Corp. has upsized its best efforts public offering of units from $65 million to $80 million due to strong institutional demand, marking the second upsizing of this offering.
• The offering consists of up to 14,035,100 units, with no overallotment option, priced at $5.71 per unit (implied by $80M / 14,035,100 units, though exact price isn't explicitly stated, the structure is defined).
• Net proceeds will be used to prepay the first contingent milestone payment for the Selebi and Selkirk mines in Botswana, advance exploration and development, and for working capital.

Key Details

• Offering Size: Increased from up to $65 million to up to $80 million.
• Units Offered: Up to 14,035,100 units.
• Overallotment Option: None (previously existed, now removed).
• Agents: SCP Resource Finance LP as sole bookrunner; Raymond James Ltd. as co-lead agent.
• Agent Fees: 6% of gross proceeds, reduced to 2.0% for sales to certain individuals on a president's list for gross proceeds up to $7.0 million (increased from $5.0 million).
• Unit Composition: Each unit consists of one common share and one common share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to acquire one common share at an exercise price of $8.00.
• Warrant Expiration: 24 months following the date of issuance.
• Use of Proceeds:
  • Finance prepayment of the first contingent milestone payment under the asset purchase agreement for the Selebi and Selkirk mines (timing planned prior to end of 2025).
  • Advance exploration and development activities at mineral assets in Botswana.
  • Working capital and general corporate purposes.
• Closing Date: Expected on or about November 13, 2025, subject to necessary approvals.
• Previous Release Reference: Details remain as disclosed in the news release issued on Oct. 28, 2025, titled "Nexmetals Announces C$65 Million Public Offering of Units."

Notable Quotes

• "We are elated by the strong demand from mining-focused institutions. This upsizing reflects growing confidence in our assets, the team and the accelerated nature of the path forward. Once closed, this will provide us with the runway to advance our strategy, secure title for both Selebi and Selkirk assets, while continue delivering on key milestones." — Morgan Lekstrom, Chief Executive Officer