– CANADA, Vancouver – NexGen Energy Ltd. (TSX:NXE, NYSE:NXE) is pleased to announce that it has closed its previously announced US$110 million financing with CEF Holdings Limited and affiliates of its shareholders, comprising US$50 million of common shares of NexGen and US$60 million aggregate principal amount of unsecured convertible debentures. The Company is also pleased to announce the appointment of Mr. Warren Gilman, Chairman and CEO of CEF, to the Company’s Board of Directors.
Including the proceeds from the financing, NexGen now has cash reserves of approximately C$200 million. Proceeds from the financing will be used to fund the continuing exploration and development of the Company’s SW2 properties (which includes the Rook 1 project) and for general corporate purposes.
The Company and CEF have agreed that, for so long as CEF hold at least 15% of the Common Shares (on a partially-diluted basis), CEF has the right to nominate one director to the Board. CEF’s initial such nominee is Mr. Warren Gilman, Chairman and CEO of CEF, who has been appointed to the Board effective today, July 21, 2017.
“The entire management team and Board are pleased to welcome Warren to NexGen. Warren is a fine addition bringing decades of experience and success in the mining sector with top tier resource projects.” commented NexGen’s Chief Executive Officer, Leigh Curyer.
About Warren Gilman
Warren Gilman was appointed Chairman and CEO of CEF Holdings in 2011. Prior to that he was Vice Chairman of CIBC World Markets. He was previously Managing Director and Head of Asia Pacific Region for CIBC for 10 years where he was responsible for all of CIBC’s activities across Asia. Mr Gilman is a mining engineer who co-founded CIBC’s Global Mining Group in 1988. During his 26 years with CIBC he ran the mining team in Canada, Australia and Asia and worked in the Toronto, Sydney, Perth, Shanghai and Hong Kong offices of CIBC. He has acted as advisor to the largest mining companies in the world including BHP, Rio Tinto, Anglo American, Noranda, Falconbridge, Meridian Gold, China Minmetals, Jinchuan and Zijin and has been responsible for some of the largest equity capital markets financings in Canadian mining history.
Warren is a regular contributor to mining industry forums and discussions. In addition to bi-weekly commentary on commodity and mining issues for the CNBC Asia Network, he has annually co-chaired Diggers and Dealers in Kalgoorlie and the China Nickel Conference in Shanghai. He has presented annually to the Asia Mining Congress in Singapore and Mines and Money Hong Kong as well as various CIM events in Canada.
Warren obtained his B.Sc. in Mining Engineering at Queen’s University and his MBA from the Ivey Business School at Western University. He is Chairman of the International Advisory Board of Western University and a member of the Dean’s Advisory board of Laurentian University.
About CEF Holdings Limited
CEF is owned 50% by CK Hutchison Holdings Ltd. and 50% by the Canadian Imperial Bank of Commerce (“CIBC”). CK Hutchison Holdings is the publicly-listed flagship company of the CK Hutchison Group of companies, the Hong Kong based multi-national conglomerate with the combined market cap of the Group in excess of US$100 billion. CIBC is a leading North American financial institution with operations around the world. CEF is an investor in significant resource assets on a global basis.
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production.
NexGen owns a portfolio of prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100% interest in Rook I, location of the Arrow Discovery in February 2014 and Bow Discovery in March 2015 and the Harpoon discovery in August 2016. The Arrow deposit’s updated mineral resource estimate with an effective date of December 20, 2016 was released in March 2017, and comprised 179.5 M lbs U3O8 contained in 1.18 M tonnes grading 6.88% U3O8 in the indicated mineral resource category and an additional 122.1 M lbs U3O8 contained in 4.25 M tonnes grading 1.30% U3O8 in the inferred mineral resource category.
For more information : http://www.nexgenenergy.ca
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