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RENO, Nev.--(BUSINESS WIRE)--
NexGen Mining Incorporated (“OTCPK:NXGM”) (the “Company”), today announced that it has signed a 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.
The Don Indio Project is located in Coahuila State, 38 kilometers from the town of Cuatro Cienegas, and comprises 17,372 hectares. It is road accessible with a power line nearby, and it hosts sediment-hosted copper-silver mineralization analogous to the world class Kupferschiefer deposits of central Europe. Previous work has identified numerous showings extending along 35 kilometers and grading up to 35% copper and 1,650 grams per tonne silver.
The Candela Project is located in Coahuila State, 45 kilometers east of the city of Monclova, comprises 400 hectares, is road accessible and hosts a copper-gold-molybdenum-rich breccia pipe that the Company believes also has potential for larger-scale skarn and porphyry-style mineralization. Given the extent of previous exploration and development on the property, the Company believes that there is excellent potential for near-term production while conducting further exploration to establish a significant resource base.
The letter of intent contemplates, among other things, that prior to the closing of the transaction, the Company will:
arrange for its common stock to be quoted on the OTCQX Best Market;
complete a one-for-four reverse stock split of its issued and outstanding shares of common stock; and
cancel all equity incentive awards or enter into agreements with holders of equity incentive awards to cancel such awards.
The letter of intent also contemplates, among other things, that following the closing of the transaction:
the board of directors of the Company will consist of five members, four of which will be designated by Electrum and one of which will be designated by the Company;
the Company will appoint a President and CEO satisfactory to Electrum;
Marc J. Andrews will be appointed as the Vice President of Business Development; and
Kim Neal will be appointed as Controller.
The structure of the 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.
Marc J. Andrews, the Company’s President and CEO, commented, “We believe that Electrum brings high quality projects, a strong leadership team with great vision, and project and geographic diversification that will enhance our portfolio of projects and that we believe will enhance our ability to implement our business plan.”
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.
nexgen mining, inc., a junior mining company, engages in the exploration, mining, and production of precious metals. the company primarily explores for gold, silver, copper, lead, zinc, and other precious and base metals. it holds interests in the old dominion mine situated north of reno, nevada; the koegel hills property that consists of 10 unpatented claims encompassing 200 acres located in mineral county, nevada; the four mile basin gold property, which comprises two unpatented claims consisting of 20 acres and is situated in nye county, nevada; the gold star property located in mineral county, nevada; and the pyramid mine located nevada, as well as in the paradise peak mine. nexgen mining, inc. was formerly known as brilliant sands incorporated and changed its name to nexgen mining, inc. in january 2018. the company was incorporated in 1888 and is based in reno, nevada. nexgen mining, inc. is a former subsidiary of 1824455 alberta ltd.
