NexGen Mining Incorporated (OTCPK:NXGM) signed a letter of intent to acquire Electrum Copper Corp. on October 28, 2021. NexGen Mining Incorporated (OTCPK:NXGM) signed an extension to its non-binding letter of intent to acquire Electrum Copper Corporation on March 9, 2022. The consideration will be company's common stock. The Board of Directors of the NexGen will consist of five members, four of which will be designated by Electrum and one of which will be designated by NexGen. The NexGen will appoint a President and Chief Executive Officer satisfactory to Electrum. Marc J. Andrews will be appointed as the Vice President of Business Development. Kim Neal will be appointed as Controller. The structure of the transaction will be based on considerations relating to matters of applicable corporate, securities, tax and other applicable laws and regulations. Pursuant to the extension, the parties have agreed to use their best efforts to enter into definitive agreements on or prior to April 30, 2022. The letter of intent is non-binding and the transaction is subject to due diligence, the negotiation of definitive terms and other conditions.


On June 10, 2022 NexGen Mining Incorporated announced that it has signed an extension to its non-binding letter of intent to acquire Electrum Copper Corp. for shares of the Company's common stock. 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 $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 structure of the transaction, and the timing of the closing of the transaction, will be based on considerations relating to matters of applicable corporate, securities, tax and other applicable laws and regulations