PERTH (miningweekly.com) – ASX-listed Metalicity has completed the sale of its Admiral Bay zinc project and the Lennard Shelf zinc project to its Canadian subsidiary Kimberley Mining, with the prospectus for the subsidiary being finalised for a TSX-V listing in the December quarter.
Metalicity on Tuesday said that it had received the first cash payment of C$500 000 for its assets, of a total of up to C$12.5-million, which is subject to the completion of an initial public offering (IPO).
Meanwhile, the company also reported that Kimberley has closed the first tranche of its C$2-million seed capital raising, which is being conducted in two tranches, with the second and final tranche expected to close within the next two weeks.
Funds raised through the seed raising will fund the proposed IPO and TSX-V listing.
“Completion of the sale of our zinc projects and receipt of the first C$500 000 cash payment is an important milestone for the transaction. The successful seed capital raising is also a strong indication of demand from predominantly North American strategic, institutional and high net worth individual investors for the planned IPO of Kimberley, which is expected to take place in the December quarter of 2018,” said Metalicity MD Matt Gauci.