Luminex Resources Corp. (TSX-V: LR) (US OTC: LUMIF) is pleased to announce that it has closed its previously announced non-brokered private placement (please refer to the Company’s December 2, 2019 press release). A total of 19,230,807 common shares were sold at a price of C$0.52 per Share for aggregate gross proceeds of approximately C$10.0 million. Ross J. Beaty has subscribed for 6,057,692 Shares, taking his ownership in Luminex from 15.64% to 19.90% on a non-diluted basis.

The net proceeds of the Offering will be used to fund drilling expenses at the Condor Project, exploration costs at Luminex’s 100% non-optioned concessions and for general corporate purposes.

The Shares issued in the Offering are subject to a statutory four month and a day hold period that will expire on April 19, 2020. In connection with the Offering, finders’ fees of 4% were paid on the proceeds from certain subscribers to Haywood Securities Inc., Trimark Capital, First Globe Capital International Inc., and Canaccord Genuity Corp.

The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or compliance with the requirements of exemptions therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Luminex Resources

Luminex Resources Corp. is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex’s inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador, including the Tarqui and Pegasus projects, which are being co-developed with BHP Group plc and Anglo American plc respectively.