Luminex Resources Announces Upsized C$13 Million Private Placement
June 05 2020 - 12:02PM
Luminex Resources Corp. (TSXV: LR) (the “Company”
or “Luminex”) is pleased to report that, in connection with its
previously announced private placement financing, the Company and a
syndicate of agents, led by Haywood Securities Inc., and including
PI Financial Corp., Cormark Securities Inc., and Raymond James Ltd.
(collectively, the “Agents”) have agreed to increase the size of
the offering (the “Brokered Offering”). The Brokered Offering will
now consist of up to 11,536,000 common shares (“Shares”) at a price
of C$0.70 per Share (the “Offering Price”), for aggregate gross
proceeds of up to C$8,075,200. The Company has additionally decided
to increase the amount of its concurrent non-brokered private
placement to up to C$4,925,000 worth of Shares (the “Non-Brokered
Offering”, and together with the Brokered Offering, the
“Offering"), on the same terms as the Brokered Offering with
certain insiders and strategic investors.
The Company plans to use the net proceeds from
the Offering for the exploration and advancement of the Company’s
projects in Ecuador and for general corporate purposes. The
Offering is scheduled to close on or about June 24, 2020 the
(“Closing Date”), and is subject to certain conditions customary
for transactions of this nature, including, but not limited to, the
receipt of all necessary approvals, including the approval of the
TSX Venture Exchange. The Company has agreed to pay the Agents a
cash commission of up to 6% of the gross proceeds raised under the
Brokered Offering.
The common shares issued in the Offering will be
subject to a statutory hold period of four months and one day
following the Closing Date.
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 or to, or for the account or benefit of, United
States persons absent registration or any applicable exemption from
the registration requirements of the U.S. Securities Act and
applicable U.S. state securities laws. 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.
The Company expects certain related parties as
defined in Multilateral Instrument 61-101 ("MI 61-101") to
participate in the Offering. Any such resulting related party
transaction will be exempt from the formal valuation requirement
and shareholder approval requirement of MI 61-101 as the fair
market value of any Shares issued to such persons will not exceed
25% of the Company’s market capitalization.
About Luminex Resources
Luminex Resources Corp. (TSXV:LR) 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 respectively.
Further details are available on the Company’s
website at https://luminexresources.com/.
To receive future news releases please sign up
at https://www.luminexresources.com/contact/contact-us/.
LUMINEX RESOURCES CORP. |
|
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For further information contact: |
Signed: “Marshall Koval” |
Scott Hicks |
|
info@luminexresources.com |
Marshall Koval, CEO and Director |
T: +1 604 646 1899 |
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
Cautionary Note Regarding
Forward-Looking Information
Certain statements and information herein,
including all statements that are not historical facts, contain
forward-looking statements and forward-looking information within
the meaning of applicable securities laws. Such forward-looking
statements or information include but are not limited to statements
or information with respect to: the size of the Offering, the
expected participation of insiders in the Offering, the anticipated
Closing Date and the receipt of regulatory approvals for the
Offering. Often, but not always, forward-looking statements or
information can be identified by the use of words such as “will” or
variations of that word and phrases or statements that certain
actions, events or results “will”, “could” or are “intended to” be
taken, occur or be achieved.
With respect to forward-looking statements and
information contained herein, the Company has made numerous
assumptions including among other things, assumptions about general
business and economic conditions, the prices of gold and copper,
and anticipated costs and expenditures. The foregoing list of
assumptions is not exhaustive.
Although management of the Company believes that
the assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that a forward-looking statement or information herein will prove
to be accurate. Forward-looking statements and information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the
Company’s actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information. These factors include,
but are not limited to: risks associated with the business of the
Company; business and economic conditions in the mining industry
generally; the supply and demand for labour and other project
inputs; changes in commodity prices; changes in interest and
currency exchange rates; risks relating to inaccurate geological
and engineering assumptions (including with respect to the tonnage,
grade and recoverability of reserves and resources); risks relating
to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters); risks relating to adverse weather conditions; political
risk and social unrest; changes in general economic conditions or
conditions in the financial markets; and other risk factors as
detailed from time to time in the Company’s continuous disclosure
documents filed with Canadian securities administrators. The
Company does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
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