Peak Minerals to spin-out gold
PERTH (miningweekly.com) – Junior Peak Minerals on Thursday announced plans to spin-out its noncore gold assets into a newly listed gold-focused company called Vertex Minerals.
Peak told shareholders that the demerger of its Hill End and Hargraves gold assets, in New South Wales, would enable the company to focus its resources and efforts on the exploration of its copper and base metal assets in Western Australia, while providing a free-carry equity opportunity via Vertex.
Subject to shareholder approval and a number of other conditions precedent, Peak shareholders would receive an in-specie distribution of 15-million shares in Vertex, and would be given a priority entitlement to subscribe for up to 7.5-million shares in the Vertex initial public offering (IPO).
Vertex is expected to raise a minimum of A$5.5-million in its IPO, with the company also planning to acquire three additional gold tenements, of which two were in Western Australia and one in New South Wales, from an unrelated third-party vendor.
The proposed consideration for the acquisition would be some three-million Vertex shares and reimbursement of A$10 000 of rents and rates previously expended on the tenements.
Following the IPO, Vertex is expected to have some A$4.3-million in cash.
Peak shareholders are expected to vote on the in-specie distribution on September 27, with Vertex targeted to list on the ASX by November 2.
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