Canadian explorer NGEx Minerals has announced a nonbrokered private placement of 25-million shares at C$0.80 each to raise C$20-million.
Net proceeds will be used towards further exploration programmes in Chile and Argentina, as well as the repayment of amounts drawn against a $3-million credit facility that matures in February 2022.
NGEx holds the Los Helados copper/gold deposit, in Chile’s Region III, and has an option to acquire a 100% interest in the Valle Ancho exploration project, in Catamarca province, Argentina.
The Vancouver-based company’s stock traded 6.67% higher at C$0.80 a share on Wednesday.