Azucar Minerals Ltd (AXDDF)

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Almadex Minerals Limited Announces Proposed Private Placement
GlobeNewswire•March 1, 2018
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- Almadex Minerals Limited (“Almadex” or the “Company”) (AMZ.V) (AXDDF) is pleased to announce a proposed non-brokered private placement financing (the "Offering") of up to 4,000,000 units (the “Units”) to raise approximately $5,600,000 at a price of $1.40 per Unit.

Each Unit will consist of one common share of the Company and one-half of one whole non-transferable common share purchase warrant, each whole share purchase warrant (a "Warrant") entitling the holder thereof to purchase one common share of the Company at a price of $2.00 per share for a period of two (2) years following the closing of the Offering.

Almadex intends to use the net proceeds of the Offering to continue drilling the El Cobre Au/Cu porphyry targets in Veracruz, Mexico, for early stage exploration on other projects, and for general corporate purposes. It is intended that subscribers in the Offering will be eligible to participate in the spinout transaction described in Almadex’s press release of February 26, 2018.

The Company may pay finders’ fees in connection with the Offering in cash, shares, warrants or combinations thereof. The Offering and payment of finders’ fees are subject to regulatory approval.

Morgan J. Poliquin, President and CEO of Almadex noted, “This financing will enable Almadex to continue with its active drill program at the El Cobre project while the spinout transaction progresses, and will also situate Spinco with a healthy treasury post-completion of the corporate reorganization in order that Spinco management can pursue the next discovery for the group.”

Closing of the Offering is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The securities issued will be subject to a standard four month hold period in Canada.

About Almadex

Almadex Minerals Limited is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., and Mexico. This portfolio is the direct result of over 35 years of prospecting and deal-making by Almadex's predecessor company, Almaden Minerals Ltd. Almadex is currently focused on exploration at its El Cobre gold/copper porphyry project in Veracruz, Mexico, in which it holds a 100% interest, subject to a sliding-scale net smelter returns royalty (“NSR”) equivalent to 0.5% in the event that production from the property exceeds 10,001 tonnes per day of ore. This NSR can be reduced to 0.25% at this production rate through the payment of US$3.0 million.

On behalf of the Board of Directors,

“Morgan Poliquin”
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almadex Minerals Limited

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

Almadex Minerals Limited
Tel. [phone]
Email: [e-mail]
http://www.almadexminerals.com/