Adventus and Luminex to merge
TSX-V-listed exploration companies Adventus Mining and Luminex Resources have announced their merger, creating a company that will lead the advancement of the El Domo-Curipamba copper and gold project towards production and consolidate a large exploration portfolio in Ecuador.
The exploration portfolio, which totals more than 135 000 ha, includes the preliminary economic assessment-stage Condor gold project.
The merger brings together the support of members of Ross Beaty’s Lumina Group, local Ecuadorian investors and strategic equity investors that include Altius Minerals and Wheaton Precious Metals.
Concurrent with the transaction, the companies announced a concurrent financing for about $17.1-million, with participation by Beaty and Wheaton.
Pursuant to the terms and conditions of the arrangement agreement, the holders of the issued and outstanding Luminex shares will receive 0.67 Adventus shares for each Luminex share held. Upon completion, the resulting issuer will continue to be listed as a Tier 1 mining issuer on the TSX-V under the same Adventus name and ticker symbol.
Adventus will be led by president and CEO Christian Kargl-Simard and its head office will continue to be in Toronto.
The transaction will be completed in January.
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