- Luminex Resources Corp. (LR) has announced a C$12.5 million capital raise
- The company is conducting a C$6,650,000.10 private placement and a concurrent C$5,850,000 non-brokered private placement
- Net proceeds from the offering will be used to fund drilling at the Condor North area of its Condor Project
- Luminex Resources Corp. is a Vancouver-based precious and base metals exploration and development company focused on gold and copper projects in Ecuador
- Luminex Resources Corp. (LR) opened trading at $0.33
Luminex Resources Corp. (LR) has announced a C$12.5 million capital raise.
The company is conducting a private placement for gross proceeds of C$6,650,000.10 and a concurrent non-brokered private placement for gross proceeds of up to C$5,850,000.
The company has signed an agreement with Haywood Securities Inc., on behalf of a syndicate of agents, which have agreed to sell, on a private placement basis, 22,166,667 units of the company at a price of C$0.30 per unit. Each unit will consist of one common share plus one-half of one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of C$0.44 for 24 months following the completion of the brokered offering.
Under the concurrent non-brokered private placement, the company will issue up to C$5,850,000 worth of units on the same terms as the brokered offering with certain insiders and investors.
The company intends to use the net proceeds from the offering to drill approximately 10,200 metres at the Condor North area of its Condor Project, update the mineral resource estimate for the Condor Project and for general corporate purposes.
Luminex Resources Corp. is a Vancouver-based precious and base metals exploration and development company focused on gold and copper projects in Ecuador.
Luminex Resources Corp. (LR) opened trading at $0.33.
