NGEx sets date for spin-out of LunR Royalties
Copper and gold explorer NGEx Minerals has set October 23 as the effective date for the spin-out of its royalty interests in the Lunahuasi and Los Helados projects into a new company, LunR Royalties, and appointed Adam Lundin as the new venture’s president, CEO and chair.
The transaction, to be completed through a statutory plan of arrangement, will see NGEx shareholders receive one new NGEx share and a quarter of a LunR Royalties share for each NGEx share held. Following the spin-out, NGEx will retain up to a 19.9% interest in LunR Royalties, with the balance distributed to shareholders on a pro-rata basis.
Lundin’s appointment strengthens the new company’s leadership as it seeks to build a strong presence in the royalty sector. “Mr. Lundin’s appointment as president and CEO of LunR Royalties provides the new venture with an experienced and dedicated executive leadership team that will look to build LunR Royalties into a significant new player in the royalty space,” NGEx said.
Lundin succeeds NGEx chair Wojtek Wodzicki, who had been named interim CEO of LunR Royalties but will now continue leading NGEx’s core business focused on expanding the high-grade Lunahuasi deposit in Argentina’s San Juan province.
The new company’s board will include Wodzicki, Lundin, Martino De Ciccio, and Jamie Beck, who will soon take over as president and CEO of Lundin Gold. Beck, who led Filo through a major copper/gold/silver discovery and its $4.5-billion acquisition by BHP and Lundin Mining earlier this year, adds further depth to the board’s experience in value creation and project development.
LunR Royalties has also appointed Peter Hemstead as CFO and corporate secretary, Trevor D’Sa as chief investment officer, and Connor Mackay as VP corporate development and investor relations.
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