LUXEMBOURG, LUXEMBOURG--(Marketwired - Dec. 5, 2016) - Lorito Holdings S.à.r.l. ("Lorito") and Zebra Holdings and Investments S.à.r.l. ("Zebra") 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, two companies controlled by a trust settled by the late Adolf H. Lundin, and as such joint actors, announced today that on December 2, 2016 Zebra had sold 2'800'000 Common Shares of NGEx Resources Inc. ("NGEx" or the "Company") (TSX:NGQ)(OMX:NGQ) in consideration of Cdn$1.25 per Common Share for a total consideration of Cdn$3'500'000.--. This sale represents in the aggregate approximately 1.36% of the outstanding shares of NGEx. As a result of this sale, Lorito and Zebra now hold 18'000'000 and 18'962'539 Common Shares respectively of NGEx representing 8.76% and 9.23% respectively of the issued and outstanding Common Shares of NGEx. Together, Lorito and Zebra hold a total of 36'962'539 Common Shares, or approximately 17.99% of the issued and outstanding Common Shares of the Company.
This private sale transaction represents the first part of a share swap whereby Zebra has sold the shares from its current holdings and simultaneously committed to replace them through subscribing for the corresponding number of shares under the Private Placement previously announced by the Company on November 29, 2016. Closing of the Private Placement is expected to occur on or about December 20, 2016 or such other date(s) as may be determined by the Company.
Lorito and Zebra are joint actors with respect to their common shares of NGEx which were acquired for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investments in the common shares of NGEx depending upon the business and prospects of NGEx and depending upon future market conditions.
A copy of the Early Warning Report filed pursuant to National Instrument 62-103 may be obtained from Sandy Kansky, 1-604-806-3574