NGEx upsizes placement to raise C$30m

7th October 2022 By: Creamer Media Reporter

Canada-based copper and gold exploration company NGEx has elected to increase its previously announced nonbrokered private placement to an aggregate of up to 15-million shares at C$2 each for gross proceeds of up to C$30-million.

The Lundin Group company initially planned to raise C$20-million by selling 10-million shares.

Net proceeds of the private placement will be used towards furthering exploration programmes in Chile and Argentina, the repayment of amounts drawn against a $3-million credit facility that matures in September 2023, if any, as well as for general corporate and working capital purposes.

NGEx currently has a controlling interest in the large-scale Los Helados copper/gold deposit, located in Chile's Region III, as well as a portfolio of exploration projects in Argentina, including the Valle Ancho project in Catamarca province, and the Potro Cliffs, located in San Juan province about 5 km north of, and on the same major northeast-trending structure as, Filo del Sol.