MetalsTech cobalt spinout to list on ASX next year
JOHANNESBURG (miningweekly.com) – Lithium-focused MetalsTech on Thursday announced the potential spinout of its cobalt business and said its subsidiary had secured an option to buy a high-grade cobalt/silver mine in Ontario.
MetalsTech, which is headquartered in Western Australia, but has projects in Quebec and Ontario, said it would separately list its iCobalt subsidiary on the ASX in the first quarter of next year.
Alto Capital has been appointed lead manager for the iCobalt spinout.
In addition to several lithium projects, MetalsTech owns the Bay Lake cobalt project, near the historic silver mining camp of the Cobalt township, in Ontario.
Subsidiary iCobalt has entered into a binding option agreement to acquire a project about 70 km from Bay Lake. The target is the Rusty Lake mine – a past producing mine that last operated in 1966. It is located near Leith.
iCobalt has already paid the vendors, New Found Gold, C$40 000 for a 30-day exclusivity period and has to pay C$60 000 upon completion of a due diligence.
Once iCobalt completes an initial public offering, it will pay the vendors C$225 000 in cash and issue three-million shares at a deemed price of 20c each to New Found Gold.
New Found Gold will also retain a 2% net smelter royalty (NSR) over all metals produced from the project, except for cobalt, over which it will retain a 0.5% NSR.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...
VISIT SHOWROOM
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
