Shareholders approve Great Boulder spin-off
PERTH (miningweekly.com) – The shareholders of ASX-listed Great Boulder Resources have backed the demerger and initial public offering (IPO) of the company’s Yamarna copper/nickel/cobalt project, into a dedicated ASX-listed company called Cosmo Metals.
Great Boulder in September announced demerger plans for the Yamarna base metals project, 130 km northeast of Laverton.
The project consists of nine exploration licences and two prospecting leases, and all the tenements are granted with the exception of one exploration licence and one prospecting licence.
Under the proposed demerger, Cosmo would acquire all of the Yamarna tenements from Great Boulder in return for 25-million fully paid ordinary shares, at a deemed price of 20c each.
Cosmo would also undertake an IPO to raise at least A$5-million, through the issue of a further 25-million shares to the public at a price of 20c each, and a maximum of A$7-million through the issue of 35-million shares.
Post the IPO, Great Boulder would retain a 50% shareholding in Cosmo, at minimum subscription to the IPO, and a 41.7% interest at maximum subscription to the IPO.
“We are pleased to confirm the details of the upcoming demerger and IPO of our highly prospective Yamarna project. This will result in the establisment of a significant new, well-funded ASX-listed explorer with a high-quality exploration portfolio spanning one of Australia’s most prospective metal provinces,” said Great Boulder MD Andrew Paterson.
“This allows the Yamarna project to progress under an independent budget and management team, while Great Boulder concentrates on advancing the high-grade Side Well gold project.”
The prospectus and offer documentation for Cosmo are expected in late November.
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