Rox plans IPO for Mt Fisher project
PERTH (miningweekly.com) – ASX-listed junior Rox Resources on Tuesday flagged plans to spin-out its Mt Fisher gold project, in Western Australia, into a new subsidiary, which will be listed on the ASX.
Rox told shareholders that the proposed transaction would see the new subsidiary, Helios Gold, issue fully paid ordinary shares to Rox as consideration for the Mt Fisher gold asset. Existing Rox shareholders would be given a priority offer to subscribe for shares in the Helios initial public offering.
Rox is initially expected to hold a near 33% interest in Helios, which will have a separate management team and board.
“We originally acquired the Mt Fisher tenements in 2011 for the outstanding gold potential the project area offered, but the discovery of nickel at Fisher East since that time has made it difficult to give the gold assets the proper focus they required,” said Rox MD Ian Mulholland.
“For some time now, the market has not attributed any value to Mt Fisher, and we believe this is the most efficient and effective way for our shareholders to realise the full potential and unlock the inherent value.”
The Mt Fisher project comprises a tenement area of 219 km2, and is some 270 km north of Leonora. The project is estimated to contain a mineral resource of 973 000 t, grading 2.75 g/t for 86 000 oz of gold.
Mulholland said on Tuesday that discussions with potential underwriters were under way, and once completed, a timetable for the initial public offering would be announced.
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