Business
NGEx Minerals Announces Closing of Spin-out of LunR Royalties
VANCOUVER, BC, Oct. 23, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce that it has
About this update from Ngex Minerals Ltd.
[{"type":"text","content":" VANCOUVER, BC, Oct. 23, 2025 /CNW/ - NGEx Minerals Ltd. (\"NGEx\", \"NGEx Minerals\" or the \"Company\") (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce that it has closed its previously announced spin-out transaction of net smelter returns royalties on the Lunahuasi and Los Helados Projects by NGEx Minerals to LunR Royalties Corp. (\"LunR Royalties\") by way of a statutory plan of arrangement (the \"Plan of Arrangement\") under the Canada Business Corporation Act (the \"Arrangement\") effective at 12:01 a.m. (Vancouver time) (the \"Effective Time\") on October 23, 2025 (the \"Effective Date\"). The Arrangement involved, among other things, the exchange of common shares of NGEx (each, a \"NGEx Share\") and the distribution of common shares of LunR Royalties (the \"LunR Royalties Shares\") to existing NGEx Shareholders such that each NGEx Shareholder as of the close of business on October 22, 2025, being the business day immediately prior to the Effective Date of the Arrangement, will receive one new common share of NGEx (each, a \"New NGEx Share\") and 1/4 of a LunR Royalties Share for each NGEx Share held as of the Effective Time. The New NGEx Shares will begin trading under CUSIP number 62930A102 at the opening of the market on the TSX on October 27, 2025 and the ticker symbol for the New NGEx Shares on the TSX will continue to be \"NGEX\". Immediately following the completion of the Arrangement, an aggregate of 67,186,346 LunR Royalties Shares were issued and outstanding, of which NGEx holds 13,370,107 common shares, representing a 19.9% ownership interest in LunR Royalties. The remaining LunR Royalties Shares will be distributed to NGEx Shareholders on a pro-rata basis as described above. Holdings in NGEx by NGEx Shareholders' were not affected as a result of the Arrangement. In addition, each outstanding stock option of NGEx has been exchanged for a replacement stock option of NGEx (each, a \"NGEx Replacement Option\") and a fully-vested stock option of LunR Royalties (each, a \"LunR Royalties Option\") exercisable for 1/4 of a LunR Royalties Share. Pursuant to the provisions in the Plan of Arrangement which stipulated how the exercise prices of NGEx Replacement Options and LunR Royalties Options would be established, which took into account, among other things, the relative value...