NGEx Minerals Increases Private Placement to C$175 Million

Executive Summary

• NGEx Minerals increased its non‑brokered private placement to 7,000,000 common shares at C$25.00 each, targeting gross proceeds of C$175 million.
• Net proceeds will fund exploration at the Lunahuasi project (Argentina), construction of an adit (subject to permits), work on the Los Helados project (Chile), and general corporate/working‑capital needs.
• The Lundin Family Trusts intend to subscribe for up to C$100 million, representing a related‑party transaction but exempt from MI 61‑101 valuation/approval thresholds.

Key Details

• Placement Size: 7,000,000 common shares (up from previously announced amount).
• Price per Share: C$25.00.
• Gross Proceeds: C$175 million.
• Use of Proceeds:
• Exploration programs at Lunahuasi (San Juan Province, Argentina).
• Potential construction of an exploration adit and supporting infrastructure (pending permits).
• Application support for inclusion under Argentina’s RIGI incentive regime.
• Continued exploration and maintenance of Los Helados project (Region III, Chile).
• General corporate purposes and working capital.
• Closing Conditions: Subject to TSX approval and customary regulatory approvals; statutory hold period of four months + one day on issued shares.
• Finder’s Fee: Up to 5% may be paid on a portion of the placement.
• Related‑Party Participation: Lundin Family Trusts plan to subscribe for up to C$100 million; transaction exempt from MI 61‑101 valuation/approval because consideration does not exceed 25 % of market cap.
• Anticipated Timeline: Closing “as soon as practicable” once all approvals are obtained.

Notable Quotes

(No direct quotes were provided in the release.)