Copper/gold exploration company NGEx Minerals has announced a C$100-million private placement to advance its projects in the Vicuña district straddling the border between Argentina and Chile.
The TSX-listed company intends to sell, on a nonbrokered private placement basis, a total of 9.09-million shares at C$11 each.
The proceeds will be used towards furthering exploration programmes at the Lunahuasi project in San Juan province, Argentina, continued exploration and maintenance of the Los Helados project located in Region III, Chile, as well as for general corporate and working capital purposes.
Lunahuasi is a copper/gold/silver project and Los Helados is a copper/gold project located about 9 km away.
NGEx owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a joint exploration agreement with Nippon Caserones Resources, which is the indirect 30% owner of the operating Caserones openpit copper mine located about 17 km north of Los Helados. Lundin Mining holds the remaining 70% stake in Caserones.
Edited by: Creamer Media Reporter
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