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(Kitco News) - NGEx Minerals (TSXV: NGEX) announced today that, due to strong demand, it has elected to increase the previously announced non-brokered private placement to an aggregate of up to 13,076,923 common shares of the company at a price of C$6.50 per common share for gross proceeds of up to C$85 million.
Yesterday, NGEx announced that it intends to sell on a non-brokered private placement basis, an aggregate of up to 6,155,000 common shares of the company at a price of C$6.50 per common share for gross proceeds of up to C$40.0 million.
The company said that net proceeds of the private placement will be predominantly used towards furthering exploration programs at the Lunahuasi exploration project in Argentina and continued exploration and maintenance of the company's Los Helados project in Chile.
According to a company news release, the Lundin Family Trusts will acquire common shares under the private placement.
NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of its Los Helados copper-gold project located in Chile's Region III and the nearby Lunahuasi copper-gold-silver project located approximately 12 kilometres to the southwest in San Juan Province, Argentina.
The company is the majority partner and operator for the Los Helados project, subject to a joint exploration agreement with Nippon Caserones Resources, which is the 49% owner of the Caserones open pit copper mine located approximately 15km north of Los Helados. Lundin Mining holds the remaining 51% stake in Caserones.
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| Glencore's production of copper, zinc, nickel, silver and coal declined in H1 2023; annual guidance unchanged |
