Business
Minera Alamos and Corex Gold Combine to Create a Leading Mexican Gold Company
TORONTO and VANCOUVER, British Columbia, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Minera Alamos Inc. (“Minera Alamos”) (TSX VENTURE:MAI) and Corex Gold Corporation (“C
About this update from Minera Alamos Inc.
[{"type":"text","content":"TORONTO and VANCOUVER, British Columbia, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Minera Alamos Inc. (“Minera Alamos”) (TSX VENTURE:MAI) and Corex Gold Corporation (“Corex”) (TSX VENTURE:CGE) are pleased to announce that they have entered into a definitive arrangement agreement dated January 30, 2018 (the “Agreement”) to combine the two companies, creating a well-funded, multi-asset, Mexican gold development company (the “Transaction”). The combined company will have a market capitalization of approximately C$50 million, approximately C$6 million in cash and a portfolio of three high quality gold-silver development assets, each offering near-term production potential and low capital cost advantages. Under the terms of the Agreement, each Corex shareholder (“Corex Shareholder”) will be entitled to receive 0.95 common shares of Minera Alamos (“Minera Alamos Shares”) in exchange for each Corex share (“Corex Share”) held. Upon completion of the transaction, existing Minera Alamos and Corex shareholders will each own approximately 50% of the outstanding shares of the combined company (the “Company”). Transaction Highlights Continued accretive and aggressive growth through acquisitions: The arrangement with Corex represents the second major transaction completed by Minera Alamos in the last three months following the announcement of the company’s strategic partnership with Osisko Gold Royalties Ltd. and stated goal to build a significant new gold producer in Latin America. Multi-asset gold company with growing production potential: The combined company will have three advanced-stage gold-silver assets in Mexico supporting the vision of becoming a near‑term gold producer with an expanding resource base. Expanded management and technical capabilities: The proven mine development team and board of directors of Minera Alamos will be further enhanced by the continuing involvement of Chester Millar, Canadian Mining Hall of Fame Inductee and former Chairman of Eldorado Gold Corporation, Glamis Gold Ltd., Alamos Gold Inc. and Castle Gold Corporation. Strong Shareholder Support: Minera Alamos has entered into voting and support agreements with each director and senior officer of Corex and certain significant shareholders representing approximately 26% of the outstanding Corex Shares. Real Propert...