NexGen Mining Announces Extension to Letter of Intent to acquire Electrum Copper Corp.

Rhea-AI Summary

NexGen Mining Incorporated (OTCPK:NXGM) has extended its non-binding letter of intent to acquire Electrum Copper Corp. The acquisition is for shares of the Company's common stock, with the parties aiming to finalize definitive agreements by December 31, 2024. The transaction structure and closing timing will adhere to legal regulations, with the acquisition subject to due diligence and negotiation.

RENO, Nev.--(BUSINESS WIRE)-- NexGen Mining Incorporated (OTCPK:NXGM) (the “Company”), today announced that effective as of March 31, 2024, it signed an extension to its non-binding letter of intent to acquire Electrum Copper Corp. (“Electrum”) for shares of the Company’s common stock. Electrum is an exploration and development company and the owner of the Candela and Don Indio Projects, both located in Mexico. Pursuant to the extension, the parties have agreed to use their best efforts to enter into definitive agreements on or prior to December 31, 2024.

The structure of the acquisition transaction, and the timing of the closing of the acquisition transaction, will be based on considerations relating to matters of applicable corporate, securities, tax and other applicable laws and regulations. The letter of intent is non-binding and the transaction is subject to due diligence, the negotiation of definitive terms and other conditions.

Forward-Looking Statements

Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable or similar language, or by discussion of strategy or intentions. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507811920/en/

Marc J. Andrews

President & CEO, 775-250-0577

marc@nxgminc.com

www.nxgminc.com

Source: NexGen Mining Incorporated

FAQ

What did NexGen Mining announce regarding Electrum Copper Corp?

NexGen Mining extended its non-binding letter of intent to acquire Electrum Copper Corp.

What projects does Electrum own?

Electrum owns the Candela and Don Indio Projects in Mexico.

When are the parties aiming to finalize definitive agreements?

The parties aim to finalize definitive agreements by December 31, 2024.

Is the letter of intent legally binding?

The letter of intent is non-binding.

What are the conditions for the acquisition?

The acquisition is subject to due diligence, negotiation of definitive terms, and other conditions.