Net proceeds will be predominantly used towards furthering exploration programs at the Lunahuasi project in San Juan Province.
By Panorama Minero
NGEx Minerals Ltd. announced that it intends to sell on a non-brokered private placement basis, an aggregate of up to 9,091,000 common shares of the Company at a price of C$11.00 per Common Share for gross proceeds of up to C$100 million (the "Private Placement").
Net proceeds of the Private Placement will be predominantly used towards furthering exploration programs at the Lunahuasi project in San Juan Province, continued exploration and maintenance of the Company's Los Helados project located in Region III, Chile, as well as for general corporate and working capital purposes.
Completion of the Private Placement will be subject to regulatory approval, including the approval of the Toronto Stock Exchange (the "TSX") and other customary regulatory approvals and closing conditions for a transaction of this nature including, but not limited to, execution of subscription agreements between the Company and the subscribers.
Last September, NGEx Minerals Ltd. announced its exploration plan and strategy for the largest drill program to date at the Lunahuasi high-grade copper-gold-silver project in San Juan province. The field team was on site preparing for mobilization of drill rigs with drilling expected to start in early October.
The Phase 2 drill program at Lunahuasi completed in the first half of 2024 delivered some of the highest-grade copper, gold, and silver intercepts drilled anywhere in the world and confirmed that Lunahuasi has both unusually high grades and large size potential.
The upcoming Phase 3 campaign will be the largest program to date at Lunahuasi. The Company’s goal is to grow Lunahuasi into one of the best, new high-grade copper and gold deposits. The planned program will use 6 drill rigs and is expected to total up to 20,000 meters which will more than double the meters drilled to date. The main objective for the program is to grow the deposit through step-out drilling and to provide enough closer spaced data to develop an initial Exploration Target as a step toward an eventual resource estimate.
