Brief: Almadex To Spin-Out Mineral Exploration, Royalty Assets

Mustang Minerals

26/02/2018 17:14

Feb 26 (Reuters) - Almadex Minerals Ltd  AMZ.V : 
    * NEWCREST TO ACQUIRE INDIRECT 19.9% INTEREST IN EL COBRE 
THROUGH 
INVESTMENT OF CAD$19 MILLION; ALMADEX TO SPIN-OUT MINERAL 
EXPLORATION AND ROYALTY ASSETS 
    * SAYS NEWCREST AGREED TO ACQUIRE ABOUT 14 MILLION SHARES 
OF CO 
BY WAY OF NON-BROKERED PRIVATE PLACEMENT AT $1.36 PER SHARE 
    * SAYS BOARD UNANIMOUSLY APPROVED A STRATEGIC 
REORGANIZATION OF 
ITS BUSINESS 
    * SAYS EARLY STAGE EXPLORATION PROJECTS, ROYALTY INTERESTS 
& SOME 
OTHER NON-CORE ASSETS TO BE TRANSFERRED TO A NEWLY INCORPORATED 
CO 
    * SAYS CO'S SHAREHOLDERS WILL RECEIVE SHARES IN SPINCO IN 
PROPORTION TO THEIR SHAREHOLDINGS IN CO 
    * SAYS EL COBRE GOLD/COPPER PORPHYRY PROJECT WILL REMAIN IN 
ALMADEX 
    * SAYS SPINCO TO BE MANAGED BY CO'S CURRENT TEAM OF 
OFFICERS, ITS 
BOARD TO INITIALLY BE MADE OF SAME INDIVIDUALS AS CO'S BOARD 
 
Source text for Eikon:  ID:nGNX7K6L4J  
Further company coverage:  AMZ.V  
 
 ((Reuters.Briefs@thomsonreuters.com;))