February 26, 2018 / 5:34 PM / 3 months ago

BRIEF-Almadex To Spin-Out Mineral Exploration, Royalty Assets

Feb 26 (Reuters) - Almadex Minerals Ltd:

* 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: Further company coverage:

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