Almadex, which was itself a spin-out of Almaden Minerals' exploration assets in 2015, will now hold early-stage exploration projects and royalty interests, and is expected to start trading on the TSX Venture Exchange this week under the ticker DEX.

The newly-named Azucar will keep the symbol AMZ and will be focused on its El Cobre gold/copper porphyry project in Mexico.

Along with closing the plan of arrangement, the company said it had closed a previously announced non-brokered private placement with a Newcrest Mining subsidiary at C$1.33 per share, which would give Newcrest a 19.9% stake in Azucar.

Under an investor rights agreement between the pair, Newcrest can designate a nominee to Azucar's board and maintain its pro-rata interest.

The shares issued to Newcrest are subject to a hold period until September 19.

El Cobre spans 7,456ha and has four known targets - El Porvenir, Norte, Villa Rica and Encinal. The company recently gained new, five-year drill permits allowing up to 640 drill pads at the first three areas.

Azucar said it had about C$17.5 million in cash (US$13.6 million) and 72.3 million shares issued and outstanding

The new Almadex had assets including 19 exploration projects, a 1.75% NSR royalty on El Cobre, C$6 million (US$4.7 million) in cash and 53.9 million shares.

Shareholders approved the spin-out transaction earlier this month.