NGEx Minerals increases private placement to $175M

Executive Summary

• NGEx Minerals Ltd. increased its previously announced non‑brokered private placement to a total of C$175 million (seven million common shares at $25.00 each).
• Net proceeds will fund exploration and infrastructure development at the Lunahuasi project in Argentina, support work on the Los Helados project in Chile, and provide general corporate/working capital.
• The Lundin family trusts intend to subscribe for up to C$100 million of the placement, representing a related‑party transaction that is exempt from MI 61‑101 valuation and minority‑shareholder approval thresholds.

Key Details

• Placement Size: C$175 million gross proceeds; seven million common shares at $25.00 per share.
• Use of Proceeds:
• Exploration programs at Lunahuasi (Argentina).
• Construction of an exploration adit and supporting infrastructure, pending permit approvals.
• Application support for inclusion of Lunahuasi 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 and one day on issued shares.
• Finder’s Fee: Up to 5 % may be paid in connection with a portion of the placement.
• Related‑Party Participation: Lundin family trusts plan to subscribe for up to C$100 million, representing up to ~57 % of the total placement amount but below the 25 % market‑cap threshold that would trigger MI 61‑101 valuation/approval requirements.
• Regulatory Exemptions: Shares issued under exemptions from prospectus requirements; transaction exempt from formal valuation and minority‑shareholder approval under MI 61‑101.
• Anticipated Timing: Closing expected “as soon as practicable” once all approvals are obtained.

Notable Quotes

(No direct quotes were provided in the release.)