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NGEx Minerals Increases Private Placement to C$85 Million
NGEx Minerals Increases Private Placement to C$85 Million Canada NewsWire VAN...
About this update from Ngex Minerals Ltd.
[{"type":"text","content":"\n \n \n \n NGEx Minerals Increases Private Placement to C$85 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n July 21, 2023\n \n /CNW/ -\n \n NGEx Minerals Ltd.\n \n (TSXV: NGEX)\n \n (\"NGEx Minerals\" \"NGEx\" or the \"Company\")\n \n is pleased to announce 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 (the \"Common Shares\") at a price of\n \n C$6.50\n \n per Common Share for gross proceeds of up to\n \n C$85 million\n \n (the \"Private Placement\").\n \n View PDF version\n \n .\n \n \n Net proceeds of the Private Placement will be predominantly used towards furthering exploration programs at the Lunahuasi exploration project in San Juan Province,\n \n Argentina\n \n , continued exploration and maintenance of the Company's Los Helados project located in Region III,\n \n Chile\n \n , the repayment of amounts drawn against a\n \n US$3 million\n \n credit facility that matures in\n \n September 2023\n \n , if any, as well as for general corporate and working capital purposes.\n \n \n Completion of the Private Placement will be subject to regulatory approval, including the approval of the TSX Venture Exchange and certain other customary conditions for a transaction of this nature including, but not limited to, execution of subscription agreements between the Company and the subscribers. The Common Shares will be offered by way of prospectus exemptions in\n \n Canada\n \n and the Common Shares sold in the Private Placement will be subject to a hold period of four months plus one day. The Company may pay a 5.0% finder's fee in cash or Common Shares on all or a portion of the Private Placement. The Company anticipate closing of the Private Placement as soon as practicable subject to the receipt of all necessary regulatory approvals.\n \n \n The Lundin Family Trusts will acquire Common Shares under the Private Placement. Any such participation would be considered to be a...