NGEx to spin out South American exploration company
It will spin out its Valle Ancho project into a new company to focus on advancing Lunahuasi and Los Helados.
Canadian mining company NGEx Minerals plans to separate its Valle Ancho copper-gold project into a new entity called Spinco. Spinco, which will list on Canada's TSX Venture Exchange, will be led by NGEx head Wojtek Wodzicki as CEO and chairman. Shareholders will receive 0.2 shares of Spinco for each NGEx share they hold, requiring a two-thirds majority approval at an upcoming meeting.
The move is part of NGEx's strategy to create value through divestitures and streamline its focus on its Lunahuasi and Los Helados properties near the Chile-Argentina border. Spinco will have funds to support at least 12 months of exploration and corporate activities following the spinout.
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