Middle Island to spin out copper assets
PERTH (miningweekly.com) – Gold developer Middle Island Resources will seek shareholder approval for the demerger and an initial public offering (IPO) on the ASX of its wholly owned subsidiary Barkly Operations (BOPL).
BOPL is the holder of the Barkly copper/gold project, in the Northern Territory, which comprises 12 exploration licences and applications, collectively covering 4 411 km2.
Middle Island told shareholders on Tuesday that the company’s current market capitalisation does not reflect proper value to the Barkly asset, and that a demerger of the copper assets would allow Middle Island the ability to focus on optimising shareholder value for its core gold asset at Sandstone.
Given the strong sentiment for copper, the proposed demerger and IPO of BOPL is also expected to add significant value.
“The demerger of BOPL will provide investors two opportunities to grow value; in Middle Island as a more advanced pure gold exploration and development company, and in BOPL as it commences greenfields exploration of an exciting new copper/gold province,” said Middle Island MD Rick Yeates.
It is anticipated that eligible Middle Island shareholders would be entitled to receive one free share in BOPL in the same proportion as their respective holdings in the pure gold play, as well as priority entitlement to apply for shares in the future Barkly IPO.
The company will be seeking shareholder approval for the demerger and IPO at its shareholder meeting, slated for late April.
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