LR:CC - Junior Miners Complete Acquisition

2024-01-25 14:07:17 ET

This Ecuador-focused %Copper and %Gold exploration and development company just announced the completion of an acquisition of a Canada-based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. %AdventusMining (TSXV: ADZN) (OTC: ADVZF) and %LuminexResources (TSXV: LR) (OTC: LUMIF) announced in a press release today the successful completion of the previously announced transaction pursuant to which Adventus acquired all of the issued and outstanding common shares of Luminex by way of a court-approved plan of arrangement.

Former Luminex shareholders received 0.67 of an Adventus common share in exchange for each Luminex Share held. The Adventus Shares issued under the Arrangement are expected to be listed and posted for trading on the TSX Venture Exchange. As a result of the arrangement, Adventus acquired a 98.7 percent interest in Luminex's Condor gold project, the Pegasus earn-in project with Anglo American , and a large portfolio of greenfield assets in Ecuador. Luminex's inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador.