NGEx Resources (NGQ-V) and Filo Mining (FIL-V) Aug 16, '16 are pleased to announce that the previously announced spin-out of the Company's wholly-owned Filo del Sol property (the "Filo del Sol Project") into a wholly-owned subsidiary of NGEx by a Plan of Arrangement under the Canada Business Corporations Act (the "Arrangement") has been completed. The Company obtained the final order approving the Arrangement from the Supreme Court of British Columbia on August 15, 2016, and the Arrangement became effective at 12:01 a.m. (Vancouver time) on August 16, 2016.
Pursuant to the Arrangement, NGEx will distribute 100% of the common shares of Filo Mining (the "Filo Common Shares") it received under the Arrangement to holders ("NGEx Shareholders") of common shares of NGEx (the "NGEx Common Shares") on a pro rata basis, such that NGEx Shareholders will receive one Filo Common Share for every four NGEx Common Shares held as of the effective date of the Arrangement.
NGEx Shareholders of record as of August 23, 2016 (the "Record Date") will be entitled to receive Filo Common Shares in respect of the NGEx Common Shares they hold. No additional action is required by NGEx Shareholders in order to receive Filo Common Shares, and NGEx Shareholders will retain any certificates or direct registration statements representing their NGEx Common Shares. It is currently anticipated that the NGEx Common Shares will begin trading on an ex-distribution basis on the TSX on August 19, 2016, two trading days before the Record Date, meaning that on and after such date, purchasers of NGEx Common Shares will no longer have an attaching right to receive Filo Common Shares in accordance with the Arrangement. Similarly, it is anticipated that the NGEx Common Shares will begin trading on an ex-distribution basis on the Nasdaq Stockholm Exchange ("OMX") on August 22, 2016, one trading day before the Record Date.
The Company has applied for a listing of the shares of Filo Mining on the TSX Venture Exchange ("TSX-V") and Nasdaq First North Exchange under the trading symbol "FIL". Any such listing will be subject to Filo Mining fulfilling all of the requirements of the TSX-V and the Nasdaq First North Exchange, respectively.
NGEx will provide further guidance at a later date on the timing for any listing of the Filo Common Shares on the TSX-V and Nasdaq First North Exchange.
About NGEx
NGEx is a Canadian mineral exploration company with exploration projects in Chile and Argentina. The Company's shares are listed on the TSX and on Nasdaq Stockholm under the symbol "NGQ". The Company's focus is on advancing its Project Constellation which contemplates the integrated development of two large copper-gold deposits, the Los Helados and the Josemaria deposits, located in Chile's Region III and adjacent San Juan Province, Argentina. Los Helados is part of a joint venture in which the Company holds approximately a 60.78% interest and Pan Pacific Copper Co., Ltd. holds approximately a 39.22% interest. Josemaría is part of a joint venture in which the Company holds 60% and Japan Oil, Gas, and Metals National Corporation (JOGMEC) owns 40%.
About Filo Mining
Filo Mining is a Canadian mineral exploration company which holds a 100% interest in the Filo del Sol Project on the border of Chile's Region III and adjacent San Juan Province, Argentina. The Company and Filo Mining have applied for a listing of the shares of Filo Mining on the TSX-V and Nasdaq First North Exchange under the trading symbol "FIL". Built on a foundation of experienced management and focused on advancing exploration projects in Chile and Argentina, Filo Mining is well positioned to build shareholder value through discovery and resource development.
Additional Informatio
This information is information that NGEx is obliged to make public pursuant to the Swedish Securities Market Act and/or the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on August 16, 2016 at 3:15pm Pacific Time
On behalf of the board of directors of NGEx and Filo Mining,
Wojtek Wodzicki,
President and CEO,
NGEx and Filo Mining
CONTACT INFORMATION:
Sophia Shane
Corporate Development
(604) 689-7842
ngexresources.com
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