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Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: "DEX") announces that it has entered into a royalty purchase agreement with Empress Royalty Corp. ("Empress") pursuant to which Almadex and certain of its subsidiaries have agreed to sell to Empress a portfolio of net smelter return royalty interests on mineral properties in Canada, the United States and Mexico for aggregate consideration of US$2,500,000.
The consideration payable to Almadex consists of US$1,000,000 in cash and 2,562,802 common shares of Empress, having an agreed value of US$1,500,000. The royalty portfolio includes certain 1.5% and 2.0% net smelter return royalties on precious and base metal projects, including royalties located in Mexico, British Columbia, Yukon and Nevada.
Closing of the transaction is subject to customary closing conditions, including receipt of applicable third-party consents and acknowledgements and approval of the TSX Venture Exchange for the issuance and listing of the Empress shares. The Empress shares issued to Almadex will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.
About Almadex
Almadex Minerals Ltd. is a mineral exploration company focused on base and precious metals in the western United States. The Company owns several portable diamond drill rigs, enabling it to conduct cost effective first pass exploration drilling in house.
On behalf of the Board of Directors,
"Morgan Poliquin"
Morgan Poliquin, President and CEO
Almadex Minerals Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include, among other things, statements regarding the anticipated completion of the transaction, the timing of closing, the satisfaction or waiver of closing conditions, the receipt of required consents, acknowledgements and approvals, including approval of the TSX Venture Exchange, and the expected issuance of Empress shares to Almadex. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the failure to obtain required consents, acknowledgements or approvals, including approval of the TSX Venture Exchange, the failure to satisfy closing conditions, changes in market prices, exploitation and exploration successes, permitting, continued availability of capital and financing, equipment availability and general economic, market or business conditions. There can be no assurances that forward-looking statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws.
Contact Information:
Almadex Minerals Ltd.
Tel. 604.689.7644
Email: info@almadexminerals.com
http://www.almadexminerals.com/
