Closes Sale of 2.0% NSR on Elk Property VANCOUVER, British Columbia, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. and its 100% owned subsidiary Almadex Royalties Limited, (collectively "Almadex" or the "Company") (TSX-V: “DEX”) is pleased to announce the completion of the previously announced sale of its 2% net smelter return royalty on the Elk Property to Star Royalties Ltd. (“Star Royalties”) (TSXV: STRR, OTCQX: STRFF), as further described in the Company’s press release of September 28, 2021.
Almadex currently has approximately CAD$16.5 million in cash and holds approximately 2.3% of the issued and outstanding shares of Star Royalties, not including the share purchase warrants, in addition to a mineral asset portfolio consisting of numerous exploration projects and NSR royalties in Canada, the U.S., and Mexico. The Company intends to use its cash position to continue growing the business through generative exploration and in some cases prospect drilling of more advanced assets in its portfolio.
J. Duane Poliquin, Chairman of Almadex commented, "Almadex is now in an excellent position to advance our mineral asset base at minimal dilution to shareholders. The sale of the Elk property royalty surfaces some of the value of our large latent royalty portfolio and enables us to focus on our core strength of mineral exploration. Our exploration activities over the years have generated meaningful discoveries and resulted in royalty creation and equity holdings in partner companies. We have a number of quality targets which we intend to advance ourselves or in partnership with others, as well as several other properties being advanced by option partners. We look forward to reporting to shareholders on the progress at many of these properties over the coming months."
https://www.globenewswire.com/news-release/2021/09/29/2305789/0/en/Almadex-Closes-Sale-of-2-0-NSR-on-Elk-Property.html