The Conversation (0)
Almaden Minerals (TSX:AMM) announced that its shareholders have voted to approve the spin-out of Almadex Minerals. Under the terms of the spinout, current shareholders of Almaden will receive one “new” share of Almaden and 0.6 of a share of Almadex.
Almaden Minerals (TSX:AMM) announced that its shareholders have voted to approve the spin-out of Almadex Minerals. Under the terms of the spinout, current shareholders of Almaden will receive one “new” share of Almaden and 0.6 of a share of Almadex.
As quoted in the press release:
Almadex will hold the following key assets:
- a 100% interest in the El Cobre Project in Mexico;
- a portfolio of 21 other exploration projects;
- a 2% NSR royalty on the Tuligtic Property in Mexico, which hosts the Company’s Ixtaca discovery;
- a portfolio of 21 additional NSR royalties on exploration projects in Mexico, Canada and United States identified through Almaden’s past prospect generator activities;
- equity holdings in several publicly-listed companies;
- 1,597 ounces of gold bullion; and
- approximately $3,000,000 in cash.
The Tuligtic property will remain in Almaden. Pursuant to the Plan of Arrangement, holders of outstanding Almaden warrants (“Warrants”) will receive, in exchange for each Warrant, one Almaden replacement warrant and 0.6 Almadex warrants, with the exercise prices of the Almaden replacement warrants and the Almadex warrants to be set on a basis established by the proportional market value of the two companies after completion of the Arrangement, as more fully described in the related Management Information Circular (the “Circular”). Holders of Almaden options will be treated in the same manner.
The spin-out transaction remains subject to final court approval and acceptance from the Toronto Stock Exchange and the TSX Venture Exchange (“TSXV”).
Click here to read the Almaden Minerals (TSX:AMM) press release
