Copper/gold exploration company NGEx Minerals has doubled the size of its previously announced private placement to raise up to C$85-million, owing to strong demand.
The company, which forms part of the Lundin Group, increased its nonbrokered private placement to an aggregate of 13.08-million common shares at C$6.50 each.
Net proceeds will be used towards furthering exploration programmes at the Lunahuasi exploration project in Argentina, continued exploration and maintenance of the Los Helados project, in Chile, the repayment of amounts drawn against a $3-million credit facility that matures in September, if any, as well as for general corporate and working capital purposes.
The Lundin Family Trusts will acquire common shares under the private placement.