12:38 PM EDT, 10/28/2025 (MT Newswires) -- NexMetals Mining ( NEXM ) shares were last seen down 13% after the company on Tuesday said is seeking $65 million in a best-efforts share-unit offering.

The company will place up to 11.4-million units at $5.70 apiece and made up of a share and a two-year warrant to buy a share for $8.00.

Proceeds are expected to be used to fund the prepayment of the first contingent milestone payment under the Asset Purchase Agreement for the Selebi and Selkirk mines, to advance exploration and development activities at its mineral assets in Botswana, and for working capital and general corporate needs.

The company has granted to the co-lead agents an 15% over-allotment option. Closing of the offering is expected on or about November 13.

Shares of the company were last seen down $0.82 to $5.50 on the TSX Venture Exchange.

Price: 5.50, Change: -0.82, Percent Change: -12.97