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Montezuma Mining Company receives A$2.88 million cash

Montezuma Mining Company (ASX: MZM) has received the in-specie distribution of 238,636 shares in Mineral Resources (ASX: MIN), providing the company with A$2.88 million cash to further advance exploration activity at its projects.

The distribution comes as a result of Mineral Resources acquiring 100% of Auvex Resources Limited's issued capital. Montezuma previously held 7.5 million shares in Auvex.

The company said the holding in Mineral Resources "represented an opportunity to inject further funds into Montezuma and this non-core investment has subsequently been disposed for $2.88 million."

Originally published at: http://www.proactiveinvestors.com.au/companies/news/18392/montezuma-mining-company-receives-a288-million-cash-18392.html