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NexGen Mining Extends Letter of Intent to Acquire Electrum Copper Corp.

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Vincent

MANews-(C)2009-2022

US-based miner NexGen Mining Inc. (OTC: NXGM) has signed an extension to its non-binding letter of intent to acquire Electrum Copper Corp. for shares of the company's common stock, the company said.

The companies originally signed an LOI in October of last year.

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 September 30, 2022.

Further, in connection with the extension of the letter of intent, Electrum provided an unsecured loan to the company to fund operating activities and expenses incurred in connection with the transaction contemplated by the letter of intent.

The principal amount of the loan is USD 100,000, which accrues interest at a rate of 6% per annum, compounding semi-annually, and has a maturity of the earlier of the six month anniversary date of the termination or abandonment of the transaction contemplated by the letter of intent or the second anniversary of the promissory note evidencing the loan.

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...

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