PERTH (miningweekly.com) – ASX-listed Minemakers on Wednesday announced that it would spin off its Tasmanian assets into a separately listed company called TNT Mine, and would seek to raise A$10-million through an initial public offering (IPO).
TNT would hold the tin and tungsten mines of Aberfoyle and Storey’s Creek, as well as the Lutwyche tin/tungsten deposit, the Anchor tin mine, the Royal George tin mine, and the Great Pyramid tin deposit, as well as various other exploration targets.
The new company would also acquire Minemakers’ option to buy an initial 80% holding of the Moina fluorspar and polymetallic deposit. Moina is believed to be the largest undeveloped fluorspar deposit known in the world.
MD Andrew Drummond said that TNT would list on the ASX by the first quarter of 2011.
There would be an in specie distribution of about 40% of the intended shares in TNT to existing Minemakers shareholders, and this was likely to be on a one-for-five basis, and would involve around 50-million shares.
Current Minemakers shareholders would also be given priority application for new TNT shares, said Drummond, with a further 20% shareholding held by the company itself.
“We have been looking for some time to unlock value for our shareholders in some of our non-phosphate assets, which tend to be overshadowed by the magnitude of our phosphate resources and potential,” said Drummond.
“The spin-off is intended to allow shareholders to gain a more direct exposure to the very exciting tin, tungsten and fluorspar sectors,” he added.
Drummond would act as a nonexecutive director of the new TNT board, while Neville Bergin and Michael Beer would be appointed in similar positions. Ian Plimer would take the reins as chairperson of the board.
An announcement had yet to be made on who would act as MD for the newly formed TNT.
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