Havilah flags uranium spin-out
PERTH (miningweekly.com) – The share price of junior Havilah Resources spiked on Tuesday as the company announced tentative plans to spin-out its uranium assets into a newly listed company.
Havilah told shareholders that it had conducted a strategic review of its current mineral asset portfolio, which resulted in a decision to dispose of its noncore uranium assets.
The company has considered various options to achieve this, and believes that Havilah sponsoring an initial public offering (IPO) of its uranium assets will realise the best value for shareholders.
Subject to market conditions, wholly owned subsidiary NU Energy will raise A$10-million in an IPO to fund ongoing exploration and development of the uranium assets, and will list on the ASX. Following this, Havilah will make an in-specie distribution of NU Energy shares to its own shareholders.
“Our uranium assets are in the world class Frome Basin uranium province in South Australia, located between the Beverly uranium mining camp that has been operating continuously for over two decades, and Boss Energy’s Honeymoon restart uranium project,” said Havilah technical director Dr Chris Giles.
“It is our objective that the proposed IPO will help to crystallise value in these quality uranium assets for our shareholders and allow the assets to be explored and developed independently of Havilah’s other activities.”
A draft prospectus was currently being prepared, and was subject to broker advice and sounding of investor appetite, the company said. Havilah shares closed at 21.5c each on the ASX on Tuesday, after closing at 18.4c each on Monday.
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