Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
NGEx Minerals (TSX: NGEX) announced on Monday it has closed the previously announced and upsized C$176.9 million ($127.4m) private placement.
Net proceeds are primarily earmarked for the Lunahuasi copper-gold-silver project in Argentina, continued exploration and maintenance of the Los Helados copper-gold-silver project in Chile, as well as for working capital.
NGEx initially announced the size of the financing at C$100 million, which was ultimately expanded. The upsized placement included the issuance of approximately 16.1 million common shares at a price of C$11 per share.
“The company is now fully funded and well positioned to execute our current phase 3 exploration program and has flexibility to expand the program if justified,” CEO Wojtek Wodzicki said in a news release. “The demand and size of this raise speaks volumes to the strong market support that NGEx currently has and the quality of the company’s assets.”
Resources for the Los Helados project stand at 2.1 billion indicated tonnes grading 0.40% copper, 0.15 g/t gold and 1.5 g/t silver (0.51% copper equivalent) and 1.1 billion inferred tonnes at 0.34% copper, 0.10 g/t gold and 1.4 g/t silver (0.42% copper equivalent). A cut-off grade of 0.33% copper equivalent was used.
