NGEx Minerals (TSX: NGEX; OTCQX: NGXXF) has closed the previously announced and upsized $176.9-million private placement. Net proceeds are primarily earmarked for the Lunahuasi copper-gold-silver project in Argentina, continued exploration and maintenance of the Los Helados copper-gold-silver project in Chile, as well as for general corporate and working capital purposes.
NGEx initially announced the size of the financing at $100 million, which was ultimately expanded to $176.9 million. The upsized placement included the issuance of approximately 16.1 million common shares at a price of $11 per share.
“The company is now fully funded and well positioned to execute our current phase 3 exploration program and has flexibility to expand the program if justified,” said president and CEO Wojtek Wodzicki. “The demand and size of this raise speaks volumes to the strong market support that NGEx currently has and the quality of the company’s assets.”
Resources have been calculated for the Los Helados project. They stand at 2.1 billion indicated tonnes grading 0.40% copper, 0.15 g/t gold, and 1.5 g/t silver (i0.51% copper equivalent). The inferred resource is 1.1 billion tonnes at 0.34% copper, 0.10 g/t gold, and 1.4 g/t silver (0.42% copper equivalent). A copper equivalent cut-off grade of 0.33% was used.
The technical report on the Lunahuasi and Los Helados projects is posted on www.NGExMinerals.com.
