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Almadex targeting C$5.6M for drilling at El Cobre, early exploration

Almadex Minerals Ltd. is undertaking a private placement targeting approximately C$5.6 million.

The company said March 1 that it will offer up to 4 million units at C$1.40 apiece to raise funds to continue drilling at the El Cobre gold-copper project in Mexico, as well as for early stage exploration on other properties and for general corporate purposes.

Each unit will comprise 1 common share and half of a warrant, with each whole warrant exercisable at C$2 per share within two years of closing.

Almadex recently outlined plans to spin out its early stage exploration projects, royalty interests and other noncore assets into a new company.

The company's President and CEO Morgan Poliquin said the funds would also give the spinout operations "a healthy treasury" once the reorganization concludes.