Annonce • Nov 24
Luminex Resources Shares to be De-Listed from the TSX Venture Exchange Adventus Mining Corp. and Luminex Resources Corp. have entered into an arrangement agreement, pursuant to which Adventus will acquire all of the issued and outstanding common shares of Luminex, in exchange for common shares of Adventus, by way of a plan of arrangement. Pursuant to the Arrangement Agreement and subject to satisfying all necessary conditions and receipt of all required approvals, the parties anticipate completion of the Transaction in January 2024. Following completion of the Transaction, Luminex Shares will be de-listed from the TSX Venture Exchange ('TSXV') and Luminex will cease to be a reporting issuer under Canadian securities laws. Annonce • Nov 22
Adventus Mining Corporation (TSXV:ADZN) entered into an arrangement agreement to acquire Luminex Resources Corp. (TSXV:LR) for CAD 41.4 million. Adventus Mining Corporation (TSXV:ADZN) entered into an arrangement agreement to acquire Luminex Resources Corp. (TSXV:LR) for CAD 41.4 million on November 21, 2023. Adventus will acquire all of the issued and outstanding common shares of Luminex, in exchange for common shares of Adventus, by way of a plan of arrangement. Pursuant to the terms and conditions of the Arrangement Agreement, the holders of the issued and outstanding Luminex Shares will receive 0.67 Adventus Shares for each one (1) Luminex Share held (the “Exchange Ratio”). The Transaction will be carried out by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). Prior to completion of the Concurrent Financing, existing shareholders of Adventus will own approximately 61% of the Resulting Issuer and existing shareholders of Luminex will own approximately 39% of the Resulting Issuer on an undiluted basis. Under certain circumstances, Adventus or Luminex would be entitled to a termination fee of $1.2 million (CAD 1.64 million). Upon closing of the Transaction, the board of directors of the Resulting Issuer will be comprised of eight (8) members, including three (3) nominees from Luminex. Christian Kargl-Simard will remain serving as President, CEO and Director of the Resulting Issuer and lead the combined management and project team. The head office will continue to be in Toronto, Canada. The Resulting Issuer Board is expected to be led by Mark Wellings and is anticipated to include Karina Rogers, Leif Nilsson, David Darquea Schettini, David Farrell and Ron Halas as independent directors, and Christian Kargl-Simard and Marshall Koval as non-independent directors. Advisors to the Resulting Issuer Board will continue to be Christian Aramayo and Gerardo Fernandez, Adventus also anticipates the addition of Leo Hathaway in an advisory role. Following completion of the Transaction, Luminex Shares will be de-listed from the TSXV and Luminex will cease to be a reporting issuer under Canadian securities laws.
The completion of the Transaction is subject to a number of terms and conditions, including approval of the Luminex securityholders, approval of the TSXV, approval of the British Columbia Supreme Court, a minimum of $13.5 million (CAD 18.5 million) in gross proceeds from the Concurrent Financing, Lock-ups from Ross Beaty, Luminex board & management and other standard conditions of closing for a transaction of this nature. The Transaction is subject to the approval at a special meeting of Luminex securityholders by 662/3% of the votes cast by Luminex shareholders. After consultation with its financial and legal advisors, the board of directors of Adventus unanimously approved the entering into of the Arrangement Agreement. After consultation with its financial and legal advisors, the board of directors of Luminex unanimously approved the entering into of the Arrangement Agreement, following the unanimous recommendation of a special committee of the Luminex Board. Pursuant to the Arrangement Agreement and subject to satisfying all necessary conditions and receipt of all required approvals, the parties anticipate completion of the Transaction in January 2024.
Raymond James Ltd. provided a fairness opinion to the board of directors of Adventus. Haywood Securities Inc. provided a fairness opinion to the Luminex Special Committee. Bacchus Capital Advisors is acting as financial advisor to Adventus. DLA Piper (Canada) LLP, DLA Piper LLP (US) and AVL Abogados are acting as legal counsel to Adventus in Canada, the U.S. and Ecuador, respectively. Haywood Securities Inc. is acting as financial advisor to Luminex. Borden Ladner Gervais LLP, Troutman Pepper Hamilton Sanders LLP, and Tobar ZVS are acting as legal counsel to Luminex in Canada, the U.S. and Ecuador, respectively. Annonce • Sep 28
Luminex Resources Corp. Announces Positive Results from its Metallurgical Test Program at the Los Cuyes Deposit Luminex Resources Corp. announced positive results from its metallurgical test program at the Los Cuyes deposit. The Cuyes West high-grade area, a portion of the Los Cuyes deposit within Condor North, yielded excellent metallurgical recoveries. Additionally, low-grade material and breccia material from Los Cuyes were tested and also demonstrated strong recoveries. C. H. Plenge & CIA S.A. has completed a program of investigative metallurgical work using three representative samples from the Los Cuyes deposit at the Condor project. An equal weight composite of these same samples was also prepared for use in preliminary tests. Hole ore cyanidation of the three samples indicated that 90.9% and 33.6% of the gold and silver could be extracted using standard leaching conditions. Hole ore cyanidation test work was completed at a primary grind size of 75 microns, comparable to the flotation test work. Preliminary flotation test work to evaluate the option of recovering lead and zinc values was also completed in this test work program and indicates that zinc could possibly be recovered as a by-product to the process. Additional test work is required to fully evaluate the requirements to recover zinc into a saleable concentrate. Test Work Description and Results: Two key process options were evaluated in the Plenge test work program: (i) the option of producing a bulk sulphide flotation concentrate for subsequent cyanide leaching to recover precious metals; and (ii) whole ore leaching of the Los Cuyes material for the recovery of precious metals. Flotation results are summarized below and show that about 12.5% of the mass is expected to be recovered as arough flotation concentrate. This process option has the potential to reduce the size of the cyanide leaching facility, as well as allow for efficient re-grinding of concentrates for enhanced precious metal recoveries and better management of the leaching process. Hole ore cyanidation leach test (CIL) work was completed on the three Cuyes West samples, results of which are shown to be slightly lower than flotation recoveries to a bulk sulphide concentrate. The results confirm that leaching of a flotation concentrate is a viable option. Additional metallurgical work is recommended to potentially increase the precious metals recoveries when leaching concentrates as it is expected that fine grinding will enhance extractions. Subsequent optimization test work will inform the approach to processing the Cuyes West materials. Head assays and selected tails were also submitted to SGS Peru for QA/QC. Assay results between the two testing facilities were consistent. A good reconciliation was found between the calculated head grades and the assay head grades. (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; and (including adverse weather conditions; and (ii) all of these results were reported in the Plenge test work was completed in this test work program. The results were reported in the Pl Challenge test work program: (i), and (ii) whole ore cyanidation leach test was completed at a primary grind of 75 microns and precious metal recoveries and precious metal recoveries. Annonce • Jun 22
Luminex Resources Corp. Extends Cuyes West over 200 Metres At Depth Luminex Resources Corp. announced drill results from three holes that targeted the Cuyes West structure (CU23-27 to CU23-29), while simultaneously targeting the adjacent Breccia Pipe target. Luminex is also announcing the results from its initial seven-hole campaign at Prometedor. Hole CU23-27 intersected multiple high-grade structures in the breccia pipe, notably 2.0 metres from 229.0 metres grading 33.30 g/t gold and 123.5 g/t silver (34.78 g/t Au Eq), within a wider intercept of 287.0 metres from 99.0 metres, which graded 1.10 g/t gold and 8.8 g/t silver (1.21 g/t Au Eq). Hole CU23-29 confirmed that Cuyes West extends at least 500 metres down from surface, while remaining open to depth. The hole cut a 30.0 metre interval grading 2.81 g/t gold and 1.66 g/t silver (2.83 g/t Au Eq) from 475.0 metres, including 6.0 metres grading 6.69g/t gold and 3.0g/t silver (6.72g/t Au Eq)from 487.0 metres. This hole stepped out approximately 210 metres vertically below hole CU23-22, which intercepted 15.0 metres of 6.18 g/t gold and 41.8 g/t silver ("6.68 g/t Au Eq") from 308.0 metres. Hole CU23-28 intersected multiple high-grade intercepts, including 24.0 metres returning 2.31 g/t gold and 13.08 g/t silver (2.,47 g/t Au Eq); from 313.0 metres, within a broader 50.0 metre zone of 1.70 g/t gold and 9.51 g/t silver (1.,82 g/t Au Eq') from 293.0 metres. Other intervals are present in additional structures in holes CU23-27, CU23-28 and CU23-29 and are detailed in Table 1. The style of mineralization at Cuyes West structure is identical to that at the Camp deposit, 600 metres to the west. At a property scale, these mineralized structures are interpreted to be hosted in ring and radial fractures around the Los Cuyes caldera. Drill intercepts for the Cuyes West structure and breccia pipe. Drill intercepts for theCuyes West structure and breCCia pipe. Drill intercepts For the Cuyes West structure. Annonce • May 19
Luminex Resources Corp. Hits Long High-Grade Intercept in New Breccia Pipe At Cuyes Luminex Resources Corp. announced drill results from four holes (CU23-23 to CU23-26) that targeted the Cuyes West structure, with hole CU23-25 also intersecting a new breccia pipe discovery underneath the existing Cuyes open pit mineral resource. The Company is now allocating more drill holes to the breccia pipe that has been displaying long mineralized intercepts, with grades increasing as Luminex drills deeper. Hole CU23-25 intersected multiple high-grade structures in the breccia pipe, notably 3.0 metres from 223.0 metres grading 17.47 g/t gold and 46.4 g/t silver (18.02 g/t Au Eq), within a wider intercept of 203.0 metres from 134.0 metres, which graded 1.38 g/t gold and 8.4 g/t silver (1.48 g/t Au Eq). The highest-grade drill core ever assayed at the Cuyes deposit was just intercepted in CU23-26, a 1.0 metre interval grading 115.80 g/t gold and 220.1 g/t silver (118.44 g/t Au Eq) from 290.0 metres in a structurally controlled vein. This sample is part of a broader intercept of 5.0 metres from 286.0 metres grading 24.44 g/t gold and 62.8 g/t silver (25.19 g/t Au Eq). Hole CU23-24 intersected multiple high-grade intercepts, including 2.3 metres returning 23.14 g/t gold and 115.2 g/t silver (24.53 g/t Au Eq) from 457.4 metres, within a broader 11.7 metre zone of 5.02 g/t gold and 32.2 g/t silver (5.41 g/t Au Eq) from 449.0 metres. This hole stepped out approximately 75 metres laterally on the Cuyes West structure west of hole CU22-05, which cut 5.0 meters grading 29.43 g/t gold and 86.5 g/t silver (30.47 g/t Au Eq) from 277.0 metres. Hole CU23-23, also a step out of hole CU22-05 approximately 75 metres to the east, intersected 1.0 metres from 223.0 metres of 9.23 g/t gold and 13.2 g/t silver (9.39 g/t Au Eq). Other high-grade intervals are present in additional structures in holes CU23-23, CU23-24, CU23-25 and CU23-26 and are detailed in. The style of mineralization at the Cuyes West structure is identical to that at the Camp deposit, 600 metres to the west. At a property scale, these mineralized structures are interpreted to be hosted in ring and radial fractures around the Los Cuyes caldera (See). The newly discovered breccia pipe is hosted primarily within caldera-fill pyroclastic and volcanoclastic rocks and is flanked to the north and south by dacite porphyries that appear to focus the mineralization in the breccia pipe. The pipe was a blind discovery and comes within 100 meters of surface, but does not outcrop. Mineralization within the breccia pipe occurs mainly within hydrothermal crackle-veinlet breccias with minor shatter breccias, as well as patches, veinlets and replacements. While the geological model is evolving and more drilling is required, the Cuyes deposit may contain a higher-grade breccia pipe, similar to the Kelian deposit in Indonesia or the Rosia Montana deposit in Romania. 