Newcrest-backed junior completes renaming and spin-out
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.