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NGEx hopes to raise up to C$20M for Argentina, Chile exploration

NGEx Resources Inc. struck a deal with National Bank Financial Inc. and Cormark Securities Inc. for a private placement of up to 10 million shares at C$1 apiece to raise up to C$10 million.

The company said Jan. 15 that it will grant the parties an option to increase the size of the offering by up to 30%, which will be exercisable 48 hours before closing, expected by the end of January.

Simultaneously, the company is planning a nonbrokered private placement of up to another 10 million shares at the same price for proceeds of up to C$10 million.

The company plans to use the proceeds from the offerings for ongoing work programs in Argentina and Chile, including completing a feasibility study on the Josemaria copper-gold project, engineering and exploration studies on other projects, repaying the remaining amount on a US$5 million debenture and for general corporate purposes.