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MI6 - Minerals 260

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Minerals 260 Limited was incorporated as an Australian public company on 4 June 2021 for the purpose of spinning out the Moora Project and the Koojan JV Project, as well as other minor projects including the Dingo Rocks Project and Yalwest tenement applications from Liontown Resources Limited (ASX: LTR) (Liontown).

Liontown currently owns 100% of the Moora Project and is party to a farm-in and joint venture agreement, pursuant to which it has the right to acquire a 51% interest in the Koojan JV Project through its wholly-owned subsidiary, ERL (Aust) Pty Ltd (ERL) (Koojan JVA).

The Company has entered into a Share Sale Agreement with Liontown under which it will acquire 100% of the share capital in ERL from Liontown in conjunction with the Demerger, subject to satisfaction or waiver of certain conditions precedent, including satisfaction of the conditions precedent under the Demerger Implementation Agreement. It is a condition of the Demerger that the Liontown Shareholders approve the In-specie Distribution by way of the pro-rata Capital Reduction and Demerger Dividend. Therefore, the acquisition of ERL will not proceed unless shareholders of Liontown approve the Demerger.

Assuming that the Demerger is implemented, the Company proposes to undertake exploration across the Projects, with the intention of following up a number of targets identified by previous sampling and drilling programs completed by Liontown.

It is anticipated that MI6 will list on the ASX during October 2021.

 

Dona Ferentes

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Listing date11 October 2021 #
Company contact detailshttps://minerals260.com.au/
Ph: (08) 6556 6020
Principal ActivitiesMinerals 260's main business activity is mineral exploration and development.
GICS industry groupTBA
Issue PriceAUD 0.50
Issue TypeOrdinary Fully Paid Shares
Security codeMI6
Capital to be Raised$15,000,000
Expected offer close date22 September 2021
UnderwriterNot underwritten. Bell Potter Securities Limited (Lead Manager)
 

Dona Ferentes

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not too bad a start for those that did a bit of security intelligence and sleuthing pre-IPO for MI6 .

The 50c shares opened at 75c but quickly settled around 60c to 62c range for the rest of the day. ,
 
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