Hochschild spinoff Aclara aims to raise $100m
Precious metals miner Hochschild Mining on Thursday launched the initial public offering (IPO) of its rare-earth minerals unit on the TSX, and said that Aclara Resources aimed to raise primary capital of about $100-million.
This would give Aclara an expected market capitalisation of about $237-million.
Hochschild last month announced the demerging of its rare-earth unit. Aclara, previously known as Biolantanidos, owns a strategic land package of mineral concessions in Chile and is initiating the development of its resources through the Penco Module project.
Upon completion of the demerger and the listing of Aclara on the TSX, Hochschild and Pelham Investment, an entity controlled by Eduardo Hochschild, would hold 20% and 30.7%, respectively, of the issued and outstanding Aclara shares.
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