Business
NGEx Minerals Closes C$85 Million Non-Brokered Private Placement
VANCOUVER, BC, Aug. 11, 2023 /CNW/ - NGEx Minerals Ltd. (TSXV: NGEX) ("NGEx Minerals" "NGEx" or the "Company") is pleased to announce it has closed its previous
About this update from Ngex Minerals Ltd.
[{"type":"text","content":" VANCOUVER, BC, Aug. 11, 2023 /CNW/ - NGEx Minerals Ltd. (TSXV: NGEX) (\"NGEx Minerals\" \"NGEx\" or the \"Company\") is pleased to announce it has closed its previously announced non-brokered private placement that was upsized on July 21, 2023 due to strong investor demand. The Company sold an aggregate of 13,178,460 common shares (the \"Common Shares\") of the Company at a price of C$6.50 per Common Share for gross proceeds of approximately C$85.7 million (the \"Private Placement\"). Wojtek Wodzicki, President and CEO, remarked, \"The Private Placement was met with overwhelming demand, led by the Lundin Family and institutional investors. Accordingly, NGEx increased the overall raise from $40 million to over C$85 million, giving the Company significant flexibility as it finalizes its exploration plans for the upcoming field season, which will likely focus on following up on the high-grade Lunahuasi discovery made earlier this year. To successfully raise funds at a premium to market at the time of announcement speaks volumes to the strong market support that NGEx currently has and the strength of its team and asset portfolio.\" In connection with the Private Placement, the Company paid a 5.0% finder's fee in cash on a portion of the Private Placement. The Common Shares issued under the Private Placement will be subject to a hold period expiring on December 12, 2023. Net proceeds of the Private Placement will be used towards furthering exploration programs in Chile and Argentina, as well as for general corporate and working capital purposes. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the U.S., or in any jurisdiction in which such an offer or sale would be unlawful. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any U.S. state securities laws and may not be offered or sold in the U.S. or to the account or benefit of a U.S. person or a person in the U.S. absent registration or an applicable exemption from the registration. ABOUT NGEX MINERALS 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 ap...