Business
Lux Metals Closes Acquisition of High-Grade Gold La Grande Project in Quebec and Final Tranche of $4 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2026) - Lux Metals Corp. (TSXV: LXM) ...
About this update from Lux Metals Corp
[{"type":"text","content":"Lux Metals Closes Acquisition of High-Grade Gold La Grande Project in Quebec and Final Tranche of $4 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - February 6, 2026) - Lux Metals Corp. (TSXV: LXM) (the \"Company\" or \"Lux\") is pleased to announce that, further to its news release dated November 11, 2025, it has exercised its option (the \"Option\") to acquire a 100% interest in the La Grande Project (\"La Grande\" or the \"Project\"), a high-grade gold project located in the James Bay region of Québec (the \"Transaction\"). The Company acquired the Project pursuant to an option agreement between the Company and OVI Mining Corp. (formerly La Pulga Mining Corp.) (\"OVI\") dated November 10, 2025.In consideration for the Transaction, the Company has issued OVI 15,125,477 common shares (the \"Option Shares\") at a deemed price of C$0.20 per Option Share.The Transaction remains subject to final approval of the TSX Venture Exchange (\"TSXV\"). The Option Shares are subject to a four-month and one day statutory hold period, in accordance with applicable securities laws. Further information regarding the Project is disclosed in the Company's news release dated November 11, 2025. Final Tranche Private Placement ClosingThe Company also announces that it has closed the second and final tranche (the \"Second Tranche\") of its previously announced $4 million non-brokered private placement (the \"Placement\") of units (each, a \"Unit\"), through the issuance of 1,250,000 Units at a price of $0.20 per Unit, for total gross proceeds of $250,000. Together with the 18,750,000 Units issued on January 26, 2026, at $0.20 per Unit, the Company raised gross proceeds of $4 million through the issuance of 20,000,000 Units. Each Unit consists of one (1) common share of the Company (a \"Share\") and one (1) transferrable share purchase warrant, each warrant exercisable into one additional Share at a price of $0.40 per Share for two years from issuance.The gross proceeds from the Placement are anticipated to be used for exploration costs and general working capital.No finder's fees were paid in connection with the Second Tranche. All securities issued under the Second Tranche are subject to a four-month and one day statutory hold period, in accordance with applicable securities laws.Debt SettlementThe Company also announces ...