NGEx Minerals has announced its intention to conduct a non-brokered private placement, aiming to raise up to C$100m ($72.45m).
The company plans to issue up to 9,091,000 common shares at C$11.00 each.
NGEx intends to use the proceeds primarily to support exploration at the Lunahuasi project in Argentina and the Los Helados project in Chile, alongside general corporate purposes.
The successful completion of this private placement is contingent upon regulatory approvals, including the Toronto Stock Exchange’s nod and other standard closing conditions.
The shares will be offered via exemptions from prospectus requirements and will be subject to a standard four-month hold period post-issuance.
The net proceeds from the private placement are earmarked for the advancement of NGEx Minerals’ exploration programmes.
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By GlobalData
In connection with the private placement, NGEx Minerals may pay a finder’s fee of up to 5%.
NGEx Minerals owns a 100% stake in the Lunahuasi project, which is located in the Andes Mountains of San Juan Province, approximately 10km south of the Los Helados project in Region III, Chile.
Last month, NGEx Minerals announce exploration plans for the drill programme at the Lunahuasi copper-gold-silver high-sulphidation epithermal project.
The programme will use six drill rigs and is expected to total up to 20,000m. The programme’s main objective is to grow the deposit through step-out drilling and to provide closer spaced data to develop an initial exploration target.
Currently, NGEx owns approximately a 69% interest in Los Helados subject to a joint exploration agreement with Nippon Caserones Resources. Nippon owns the remaining approximate 31%. NGEx is the operator of the Los Helados project.
The Los Helados copper-gold project is located around 17km from the operating Caserones mine.
