NGEx Minerals Ltd. (TSX-V: NGEX) is pleased to report it has closed its previously announced non-brokered private placement that was upsized on October 6, 2022 due to strong investor demand.

The Company sold an aggregate of 15,000,000 common shares  of the Company at a price of C$2.00 per Common Share for gross proceeds of C$30 million.  Insiders of NGEx Minerals have participated in the Private Placement on the same terms as arms-length subscribers, subscribing for a total of 5,962,500 Common Shares for aggregate proceeds of $11,925,000.

In connection with the Private Placement, the Company paid a 5.0% finder’s fee in cash on a portion of the Private Placement.

The Common Shares issued under the Private Placement will be subject to a hold period expiring on February 26, 2023.

Net proceeds of the Private Placement will be used towards furthering exploration programs in Chile and Argentina, the repayment of amounts drawn against a US$3 million credit facility that matures in September 2023, if any, as well as for general corporate and working capital purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the U.S., or in any jurisdiction in which such an offer or sale would be unlawful. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any U.S. state securities laws and may not be offered or sold in the U.S. or to the account or benefit of a U.S. person or a person in the U.S. absent registration or an applicable exemption from the registration requirements.

ABOUT NGEX MINERALS

NGEx Minerals is a copper and gold exploration company based in Canada, with various mineral exploration projects in South America. The Company currently has a controlling interest in the large-scale Los Helados copper-gold deposit, located in Chile’s Region III, as well as a portfolio of exploration projects in Argentina, including the Valle Ancho Project in Catamarca Province, and the Potro Cliffs, located in San Juan Province approximately 5 km north of, and on the same major northeast-trending structure as, Filo del Sol.

NGEx Minerals is the majority partner and operator for the Los Helados Project, subject to a Joint Exploration Agreement with Nippon Caserones Resources Co., Ltd.

NGEx Minerals’ near-term objectives are to continue drilling the high-grade core of Los Helados and to complete an initial drill campaign at the Potro Cliffs exploration project, which is subject to receiving permits.