NGEx Minerals (TSXV: NGEX) closed its previously announced $30 million private placement. The company sold a total of 15 million common shares at a price of $2 per share.
NGEx insiders took up approximately 6.0 million shares. NGEx paid a 5% finder’s fee in cash on a portion of the placement.
Net proceeds of the private placement will be used primarily to fund exploration in Chile and Argentina. The company’s US$3 million credit facility will be repaid, and a portion of the funding will be used for general corporate and working capital purposes.
The company’s portfolio includes the Los Helados porphyry copper-gold project in Chile. At a cut-off of 0.33% copper-equivalent, Helados has an indicated resource of 2.1 million tonnes grading 0.38% copper, 0.15 g/t gold and 1.37 g/t silver plus an inferred portion of 827.0 million tonnes grading 0.32% copper, 0.10 g/t gold, and 1.32 g/t silver. NGEx also have interests in the Valle Ancho copper-gold property in Argentina and the Vicuña property.
