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Almadex Minerals Ltd V.DEX

Alternate Symbol(s):  AAMMF

Almadex Minerals Ltd. is an exploration company that holds a mineral portfolio consisting of projects and NSR royalties in Canada, the United States, and Mexico. Its United States projects include Davis / Paradise Valley, New Hope, Monte Cristo, Radio and Veta. It also has three epithermal gold-silver prospects in Nevada, United States, including Confusion Hills, County Line and Silverton South. Its Canadian projects include Logan, Lac de Gras / ATW, Merit, and Nicoamen River. The Davis/Paradise Valley property comprises 302 claims totaling approximately 2,400 hectares with multiple targets, located approximately eight miles southeast of Gabbs, Nevada and five kilometers northeast of the Paradise Peak gold mine. Its royalty package consists of projects, which include La Bufa, Caballo Blanco, El Cobre, Cerro Colorado, El Encuentro, El Fuego, Ponderosa, Prospect Valley, Skoonka Creek and others. The Company also owns a number of portable diamond drill rigs.


TSXV:DEX - Post by User

Post by Betteryear2on Sep 28, 2021 7:25am
264 Views
Post# 33929306

Sells 2.0% NSR on Elk Property for US$10.63 million

Sells 2.0% NSR on Elk Property for US$10.63 million

VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. and its 100% owned subsidiary Almadex Royalties Ltd., (collectively "Almadex" or the "Company") (TSX-V: “DEX”) is pleased to announce that it has entered into a definitive agreement regarding the sale of the 2.0% NSR royalty on the Elk Gold Project, located near Merritt, B.C. (the “Elk Project”) to Star Royalties Ltd. (“Star Royalties”) (TSX-V: “STRR”) for total consideration of US$10.63 million (the “Transaction”).

The consideration payable upon closing includes US$10 million in cash and the issuance to Almadex of 1,659,304 common shares of Star Royalties and 829,652 common share purchase warrants of Star Royalties exercisable for two years at $0.70 per common share.

Mr. J. Duane Poliquin, Chairman of Almadex commented, "This Transaction realizes significant and immediate value for Almadex and represents the continuation of many years of prospecting and deal-making by Almadex’s management team. The resultant ownership of common shares and warrants in Star Royalties will allow Almadex to retain continued exposure to this valuable royalty as well as the other royalties and growth initiatives pursued by the excellent team at Star Royalties."

Closing of the Transaction is subject to the satisfaction of certain closing conditions, including, but not limited to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

PI Financial Corp. acted as financial advisor to Almadex with regard to the Transaction. Borden Ladner Gervais LLP acted as Almadex’s legal advisor with regard to the Transaction.

https://www.globenewswire.com/news-release/2021/09/28/2304258/0/en/Almadex-Sells-2-0-NSR-on-Elk-Property-for-US-10-63-million.html

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