Almaden Minerals Steady as Agrees to Sell a Portion of Its Beanstalk Capital Shareholdings
Almaden Minerals Ltd. (AMM.TO) is unchanged at $2.95 amid news it has reached an agreement in principle with several proposed purchasers to assign and sell up to an aggregate of 8.25 million of the 37 million common shares of Beanstalk Capital Inc. to be received by the company upon appropriate regulatory approval for the sale of the Elk gold deposit as outlined in the company's news release of February 16, 2011. The sale and assignment will be at $0.355 per share.
It said: "This transaction shows the ability of the company to monetise assets created through its exploration and development business model. The sale will add to the company's cash balance while at the same time reducing the company's holdings in Beanstalk to a level at which it would no longer be necessary to consolidate the financial reporting of Beanstalk with that of the company."
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.