Brazil and Mexico
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Junior financing, M&A, appointment roundup: Westminster, Almaden, Diamante

Bnamericas Published: Tuesday, October 21, 2014

Vancouver's Westminster Resources is filing and seeking approval for the consolidation of the company's issued and outstanding share capital with the TSX Venture Exchange, said a press release.

The intended consolidation will be on a basis of one post-consolidation common share for every 10 pre-consolidation common shares. Total shares after consolidation will be 11.3mn shares.

The company believes that it will be in a better position to raise funds needed to finance continuing business activities and advance its mineral properties, which includes 53,613ha of concessions in Mexico's Sonora state.

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The board of Vancouver-based Almaden Minerals approved a strategic business reorganization, which will see its early stage exploration projects, royalty interests and certain other non-core assets transferred to a newly incorporated company, Spinco, said a statement.

Spinco will hold assets including a 2% net smelter return (NSR) royalty on the company's Tuligtic property in Mexico, a 1.5% NSR on the Caballo Blanco gold deposit in Mexico and a 100% stake in the El Cobre copper-gold project in Mexico, as well as other NSR royalties in Canada, Mexico and the US.

Almaden will retain the Ixtaca gold-silver project in Mexico. The company plans to call a shareholders' meeting in mid-December to approve the spin off, which is also expected to close by year-end.

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Florida-based Diamante Minerals appointed Chad Ulansky as its new CEO, succeeding Robert Faber at the post. The company is currently negotiating to acquire up to a 75% interest in the Batovi diamond project in Brazil, a company release said.

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