Metals X's nickel spin-off taking flight
PERTH (miningweekly.com) – ASX-listed Metals X is proceeding with the sale and spin-out of its nickel assets, having inked a formal share sale and subscription agreement with NICO Resources.
Metals X in May this year signed a binding term sheet with NICO for the sale and spin out of its nickel asset portfolio, including the Wingellina nickel/cobalt project, in Western Australia, and the Claude Hills project in South Australia.
Under the terms of the agreement, Metals X will be issued 25-million shares in NICO, at a deemed price of 20c each, as the sole consideration payable for the nickel assets. Metals X will also be issued with 25-million options for NICO, exercisable at 25c each and expiring three years after the grant, with a vesting condition being a successful initial public offering (IPO) by NICO.
NICO is hoping to raise a minimum of A$10-million during its IPO, with Metals X expected to subscribe for 20-million of the shares on issue during this period.
“The execution of the formal share sale agreement and progress of the sale and spin-out of the company’s nickel assets edges Metals X shareholders closer to securing a direct holding in a listed vehicle with the nickel assets as its cornerstone, while allowing Metals X shareholders to simultaneously remain part of a listed company that will continue to focus on the production and development of its tin portfolio,” said Metals X executive director Brett Smith.
The transaction with NICO is subject to Foreign Investment Review Board approval, as well as shareholder approvals, and NICO’s IPO.
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