ASX-listed Jupiter Mines will proceed with the demerger and initial public offering (IPO) of its Central Yilgarn iron-ore (CYIP) assets through newly created company, Juno Minerals.
The two companies on January 21 lodged a notice of a general meeting, which will be held virtually on February 19.
Juno intends to issue 120-million shares to Jupiter in exchange for the CYIP assets and $5-million in seed capital, provided by Jupiter, which will then distribute these shares in-specie to its shareholders.
The general meeting next month is being convened to seek approval for this distribution.
Additionally, a public offer will be made of up to 80-million Juno shares to raise up to $20-million, before costs.
The priority of the Juno board and management will be to assess fast-track development of the Mount Mason direct shipping ore hematite project.
The board will consider options to increase its DSO resource base and options to crystallise value of the long life Mount Ida magnetite project will also be evaluated in due course.
“Given the continued strengthening of the iron-ore markets, and the continued focus by steel mills to lock higher-grade ore as feed to reduce pollution, the IPO and strategy of Juno is well timed,” Jupiter CEO and Juno chairperson Priyank Thapliyal comments.