2023-03-20 12:11:01 ET
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NexGen Mining ( OTCPK:NXGM ) said Monday that on September 29, 2022, it signed an extension to its non-binding letter of intent to acquire Electrum Copper.
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In addition, on December 7, 2022, Electrum provided a loan to the company to fund operating activities and expenses incurred in connection with the transaction contemplated by the letter of intent.
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The principal amount of the loan is $100,000, which accrues interest at a rate of 6% per annum, and is secured by the company’s Koegel Hills project.
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The collateral securing the loan also secures an existing loan made in September 2022 by Electrum to the company in the original principal amount of $100,000.
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The letter of intent is non-binding and the transaction is subject to due diligence, the negotiation of definitive terms and other conditions.
For further details see:
NexGen Mining extends LOI to buy Electrum Copper