Nelson Resources Raises $2.25 Million to Fund Expansion and Projects

Highlights:

• Nelson Resources Limited (ASX: NES) successfully raised $2.25 million through a two-tranche placement of 1.5 billion shares at $0.0015 per share.
• The second tranche of 1.43 billion shares, raising $2.149 million, is subject to shareholder approval at the upcoming Annual General Meeting (AGM).
• Proceeds will be used to advance Nelson’s Western Australian gold and base metal projects, working capital, and to explore new project opportunities.

Nelson Resources Limited (ASX: NES) has successfully raised $2.25 million through a two-tranche placement of 1.5 billion fully paid ordinary shares, priced at $0.0015 each. This capital raise will support the company's ongoing projects in Western Australia and allow for the exploration of new opportunities. At the time of writing, the placement was well received by both new and existing investors, with board members contributing $0.5 million, subject to shareholder approval.

The first tranche, totaling 67,039,149 shares, raised $101,000 under Listing Rule 7.1 for professional and sophisticated investors. The issuance of 1,432,960,851 shares in the second tranche, aimed at raising $2.149 million, is contingent upon shareholder approval at the company’s upcoming Annual General Meeting (AGM). This tranche includes participation from current and former directors.

Investors also received one free attaching option for each new share, exercisable at $0.003, expiring five years from the date of issue. These attaching options, along with the second tranche shares, await shareholder approval. Nelson aims to use the raised funds for its gold and base metal projects, general working capital, and potential new ventures.

The placement price represents a 50% discount to the last traded price of $0.003 and is 15% below the 15-day volume-weighted average price (VWAP). Phoenix Global Investments acted as lead manager for the placement and will receive a 6% fee on the funds raised, along with 50 million options, subject to shareholder approval.

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