- Almadex Minerals (DEX) has agreed to amend its option agreement with Abacus Mining and Exploration Corp. (AME)
- The agreement is in connection with the Willow Property located in Douglas County, Nevada, in which AME holds an option to earn up to a 75-per-cent interest
- The amendment states that in return for the issuance of 2,000,000 shares of AME to Almadex, Almadex has agreed to extend AME’s earn-in period to December 31, 2025, on the condition that AME completes US$5,000,000 in total expenditures by that time
- Almadex has also granted stock options to directors and an officer to purchase a total of 330,000 common shares
- Almadex Minerals Ltd. is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., and Mexico
- Almadex Minerals Ltd. opened trading at C$0.345
Almadex Minerals (DEX) has agreed to amend its option agreement with Abacus Mining and Exploration Corp. (AME).
The agreement is in connection with the Willow Property located in Douglas County, Nevada, in which AME holds an option to earn up to a 75-per-cent interest.
The agreement empowers AME to earn an initial 60-per-cent interest in the property by incurring work expenditures totalling US$3,000,000 and issuing a total of 2,500,000 shares (416,668 post-consolidation shares) to Almadex over a five-year period.
Once it has earned this initial interest, AME will be required to incur minimum annual exploration expenditures of $500,000 on the property and, within 10 years, deliver a feasibility study in respect of the property to Almadex, subject to certain rights of extension.
AME would earn an additional 15-per-cent interest in the property upon delivery of a feasibility study to Almadex, at which point a 75:25 joint venture would be formed.
To date, AME has not completed the necessary US$3,000,000 in cumulative expenditures required to earn its initial 60-per-cent interest in the property.
The amendment states that in return for the issuance of 2,000,000 shares of AME to Almadex, Almadex has agreed to extend AME’s earn-in period to December 31, 2025, on the condition that AME completes $5,000,000 in total expenditures by that time.
Upon completion of this amendment, Almadex will own approximately 2,375,000 shares of AME. Almadex looks forward to AME’s continued exploration of this Property.
Furthermore, Almadex has granted stock options to directors and an officer of the company to purchase a total of 330,000 common shares at an exercise price of $0.34 per share, expiring on December 17, 2027.
Almadex Minerals Ltd. is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., and Mexico.
Almadex Minerals Ltd. opened trading at C$0.345.