Ross Beaty increases Luminex stake
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(Kitco News) - Ecuador-focused Luminex Resources (CVE:LR) announced yesterday a a non-brokered private placement of up to approximately 19.2 million common shares at 52 cents each to raise C$10 million.
Ross J. Beaty has agreed to subscribe for at least C$3.15 million of the private placement.
Beaty’s ownership of Luminex will increase from 15.6% to 19.9% on a non-diluted basis.
Funds will be used for will be drilling at the company’s Condor project based in Ecuador.
Beaty is a mining entrepreneur having built over a dozen companies. Beaty’s Pan American Silver is one of the world’s largest silver producers with seven mines in Latin America.