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ExGen Resources ( (TSE:EXG) ) has issued an update.
ExGen Resources Inc. announced an update on the Empire Mine Project in Idaho, where it holds a 20% stake through Konnex Resources. Phoenix Copper Limited, which owns the remaining 80%, has signed a Letter of Intent with a US-based investor for a $75 million bond placement to fund the project’s development. The funding will enable the completion of the Empire open-pit mine and initiate an underground drilling program. The agreement includes the issuance of convertible preference shares and a board seat for the investor, although finalization is pending due diligence and legal documentation.
More about ExGen Resources
ExGen Resources Inc. is a project accelerator focused on funding exploration and development through joint ventures and partnership agreements. This strategy minimizes technical and financial risks while allowing for potential discoveries and cash flow. ExGen aims to build a diverse portfolio across various exploration stages and commodity groups.
Average Trading Volume: 27,704
Technical Sentiment Signal: Sell
Current Market Cap: C$5.86M
For detailed information about EXG stock, go to TipRanks’ Stock Analysis page.