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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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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