Shareholders in TSX-V-listed Lumina Gold have voted in favour of spinning out the company’s assets, other than the Cangrejos project, in Ecuador, into Luminex Resources, which will be listed on the same stock exchange.
Luminex will hold all the concessions and properties previously held by Lumina, with the exception of Cangrejos, and will be capitalised with about $5-million raised from Lumina’s C$7-million financing that closed on July 26.
Its assets will include the 90%-owned Condor project, in which the Ecuador armed forces personnel’s pension fund holds the balance. The project is located 31 km south of the 9.5-million-ounce Fruta del Norte project.
Luminex will also own the grassroots exploration projects with majors Anglo American and First Quantum.
Under the arrangement, Lumina’s current shareholders will receive common shares of Luminex by way of a share exchange, pursuant to which each existing common share of Lumina is exchanged for one “new” common share of Lumina and 0.15 of a common share of Luminex.
Optionholders of Lumina will receive replacement options of Lumina and options of Luminex which are proportionate to, and reflective of, the terms of their existing options.
The arrangement is subject to final approval of the Supreme Court of British Columbia and acceptance from the TSX-V, and is expected to be completed by the end of the month.
Luminex has applied to list its common shares on the TSX-V.