PERTH (miningweekly.com) – The proposed demerger of strategic metals company TNG’s base metals assets in the Northern Territory into a new subsidiary, is progressing to schedule.
TNG on Friday reported that the launch of Todd River Resources’ initial public offering (IPO) was imminent, ahead of a planned listing on the ASX early in the second quarter of 2017.
The demerger will create a base-metal-focused exploration company with focus on the Northern Territory, which will hold 13 exploration projects, including the large Manbarrum zinc project, the Mount Hardy copper-zinc project, and the Stokes Yard zinc project, as well as a number of other exploration projects covering base metals and other commodities.
TNG said on Friday that its directors have resolved that, in addition to the in-specie distribution of shares in Todd River, TNG shareholders would also receive a priority in applying for new shares in addition to their entitlement, subject to the final allocation of securities under the IPO remaining at the sole discretion of the Todd River board of directors, to ensure the company has an appropriate shareholder base on admission to the ASX.