NGEx Resources Inc. (TSX:NGQ)(OMX:NGQ) (“NGEx” or the “Company”) is pleased to announce its results for the year ended December 31, 2017.
As quoted in the press release:
- On November 13, 2017, the Company acquired the 40% interest in the Josemaría project held by its joint exploration partner Japan Oil, Gas and Metals National Corporation (“JOGMEC”) for total cash consideration of US$21 million. The cash consideration is payable in three installments: US$3 million paid in December 2017, US$5 million payable upon a development decision being made, and US$13 million upon commencement of commercial production from the property. Additionally, JOGMEC retains an option to purchase up to 40% of the concentrate produced from the project based on the prevailing market terms at the time of exercise.
With the acquisition completed, the Company holds a 100% interest in the Josemaría project in San Juan Province, Argentina. The acquisition of the Josemaria interest provides the Company with additional development options. In particular, studies are being planned for a stand-alone development option for the Josemaría project in Argentina focusing on a simple open pit scenario with a shallow, high-grade starter pit.
- In addition to work on the advanced Los Helados and Josemaría projects, the Company increased its focus on early-stage exploration by adding new high-quality copper-gold exploration projects, the Nacimientos and Acay properties, to its portfolio in Argentina
- On January 3, 2018, the Company completed a $12.5 million private placement, selling an aggregate of 12,500,000 common shares for net proceeds of $12.1 million. Net proceeds of the private placement will be used towards ongoing work programs in Chile and Argentina as well as for general corporate purposes.
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