Almadex, which was itself a spin-out of Almaden Minerals' exploration assets in 2015, will now hold early-stage exploration projects and royalty interests, and is expected to start trading on the TSX Venture Exchange this week under the ticker DEX.
The newly-named Azucar will keep the symbol AMZ and will be focused on its El Cobre gold/copper porphyry project in Mexico.
Along with closing the plan of arrangement, the company said it had closed a previously announced non-brokered private placement with a Newcrest Mining subsidiary at C$1.33 per share, which would give Newcrest a 19.9% stake in Azucar.
Under an investor rights agreement between the pair, Newcrest can designate a nominee to Azucar's board and maintain its pro-rata interest.
The shares issued to Newcrest are subject to a hold period until September 19.
Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.
Part of the Stock Digest family of websites