NexMetals secures full ownership of Selebi, Selkirk assets after completing $25m payment
TSX-V- and Nasdaq-listed NexMetals Mining has completed the contingent milestone payment of $25-million to the liquidator of former Botswana State-owned mining company BCL, giving the company full and unencumbered ownership of the Selebi and Selkirk copper, nickel, cobalt and platinum group element assets in Botswana.
The company said the payment was made under the asset purchase agreements covering both projects. It confirmed that the milestone follows a recent equity financing that drew participation from new and existing institutional investors.
According to NexMetals, the financing strengthened its balance sheet, provided the capital needed to progress its plans in Botswana and enabled the completion of the payment to the liquidator.
"This marks an important turning point for our company. Completing the payment and securing title to the Selebi and Selkirk assets gives us a clear runway to continue advancing these projects.
“It represents a major step in our effort to position these assets for long term growth. It is . . a solid foundation for the next phase of development,” NexMetals CEO Morgan Lekstrom said, adding that securing the title would allow the company to move forward with reduced project risk, while accelerating work programmes across both sites.
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