07:17 AM EDT, 10/16/2025 (MT Newswires) -- NGEx Minerals ( NGXXF ) , trading shy of 52-week highs, announced Thursday, the expected closing date of its previously announced spin-out transaction, pursuant to which it will spin-out net smelter returns royalties on the Lunahuasi and Los Helados Projects into a wholly-owned unit of NGEx, LunR Royalties, by way of a statutory plan of arrangement.

The company expects closing of the arrangement to occur October 23. Adam Lundin has been appointed president, chief executive officer and chair of LunR Royalties, while Peter Hemstead has been appointed chief financial officer.

NGEx Minerals ( NGXXF ) said its chief executive Wojtek Wodzicki, along with Lundin and Martino De Ciccio have been appointed to the board of directors of LunR Royalites.

The company also reported overnight Wednesday, the closing of its previously announced non-brokered private placement, raising proceeds of $175 million. It sold an aggregate of 7-million common shares at $25.00 apiece.

"We are very pleased with the outcome of the recent oversubscribed private placement, which included participation of a number of institutional investors from around the world as well as the Lundin Family Trusts," said Wodzicki. "The company is now fully funded and well positioned to execute its planned programs, continue to grow Lunahausi, and advance the project towards eventual development."

Shares of the company closed up $0.30 at $25.65 on Wednesday on the Toronto Stock Exchange.