PERTH (miningweekly.com) – Newly spun-out Solstice Minerals has raised A$12-million in its initial public offering (IPO) and is expected to start share trading on the ASX on May 2.
ASX-listed gold developer OreCorp in January flagged plans to demerge its Western Australian exploration assets, in a bid to shift its focus to its Nyanzaga gold project, in Tanzania.
OreCorp’s shareholders earlier this month approved the demerger by way of capital reduction and in-specie distribution, with OreCorp shareholders to receive one Solstice Minerals share for every 9.94 OreCorp shares held.
Solstice Minerals has also now completed its IPO, having received strong support from OreCorp shareholders and new investors, and the shares subject to the IPO are expected to be issued on April 21.
“The response to the Solstice Minerals IPO has been overwhelming and I would like to sincerely thank all OreCorp shareholders for their incredible support,” said OreCorp CEO and MD Matthew Yates.
“This is an exciting opportunity for everyone involved in transitioning Solstice Minerals into a standalone Western Australia focussed exploration company. I look forward to continuing to contribute alongside a very talented board of experienced professionals and wish Alastair Morrison and the team all the best as they hit the ground running once the ASX listing is complete.”