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Archer readies for spin-out

20th July 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed junior Archer Exploration on Friday said that it will pursue an initial public offering (IPO) of its non-graphite exploration business on the ASX, before the end of 2018.

The spin-out will be subject to market conditions and the necessary approvals, the company said.

Archer in April this year launched a review of its non-graphite assets, to consider a range of options to maximise value.

The company told shareholders that while the non-graphite focused mineral exploration business had achieved success, growth, sale and diversification under the current ownership structure, the strategic review determined that an independent ownership model would provide greater benefits.

In preparation for the potential ASX listing, Archer has entered into binding share sale agreements with Ballista Resources for the sale of Archer subsidiary companies SA Exploration and Archer Energy & Resources.

Archer’s non-graphite projects include the Blue Hills copper project, the Jamieson Tank manganese project, the Kechowla manganese/cobalt project, the North Broken Hill cobalt project and the Leigh Creek magnesia project.

Ballista is a newly incorporated public company which is intended to be the IPO listing vehicle.

Archer will receive 48-million Ballista shares, and some or all of these shares will be distributed to Archer shareholders by way of an in-specie distribution, subject to tax advice and regulatory and shareholder approval.

On a successful listing, Archer will hold 48-million Ballista shares, the Campoona graphite mining lease and associated miscellaneous purposes licences, Sugarloaf farm land, exclusive rights to explore and mine graphite on the Eyre Peninsula tenements, the Carbon Allotropes online market place and all graphite and graphene related intellectual property.

Edited by Creamer Media Reporter

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