Junior miner Alset Minerals Corp., Vancouver, has changed its name to Organimax Nutrient Corp. Organimax common shares began trading on the TSX Venture Exchange on Aug. 28, and Alset’s were delisted.
The company said the change was made to better reflect the potentially exceptional quality of potassium contained in both the sediments and brines of the company’s salars, or salt-encrusted depressions, located in the Mexican states of Zacatecas and San Luis Potosi. The company also said the asset has the potential to produce sulfate of potash (SOP).
In February, the company engaged SRK Consulting to perform mineral resource estimates on three of its largest salars: La Salada, Santa Clara, and Caliguey. This work is ongoing, and is further being supported by consultants conducting mineralogy and beneficiation test work. In parallel to this program, the company will also be furthering its investigation of the potassium and lithium potential of the salar brines.
The company also announced that Timothy Mosey has agreed to immediately join the board of directors and become interim CEO. Gennen McDowall has stepped down as CEO, president, and director in favor of retirement. The company thanked McDowall for his leadership of the company over the past six months, and said it looks forward to continuing to work with him.
Mosey has over 27 years’ experience in the mining industry, with the past 11 years in the private equity investment space at Resource Capital Funds (RCF) and Traxys. As the managing director of the Traxys Projects investment fund, he was directly responsible for the investment and management of 15 projects around the globe. The company said his career has been focused on technical due diligence and project finance.
Mosey has also worked as a senior engineer with SRK Consulting. He holds a B.S. in Geological Engineering from South Dakota School of Mines and an M.S. in Mining Engineering from the Colorado School of Mines.
The company reports that Gilberto Zapata has resigned from the board. He will remain as country manager in Mexico and a consultant to the company.
The company also announced, subject to the approval of the TSX Venture Exchange, a proposed non-brokered private placement of up to 4 million units at a price of C$0.075 per unit, for gross proceeds of up to $300,000. Each unit shall comprise one common share in the capital of the company and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at a price of $0.15 per share at any time within 36 months of the date of issuance. All securities to be issued under this private placement will be subject to a four-month resale restriction.