Ann: Intention to Demerge Goulamina Lithium Project, page-190

guys, here is the reference ANN from ARL when they spun-out GRL from their primary entity.

the difference here is that Gold was spun out instead of Lithium, but net effect is the same.

This is from 2019 when GRL was created and is shared as a possibility of what *may* happen with FFX:

• Subject to shareholder approval an Extraordinary General Meeting (EGM), Ardea is to receive vendor share consideration of 30 million shares at $0.20 per share, valued at $6 million and representing Ardea’s historic cost base (GRL Vendor Shares).
• As at a Record Date intended to be held 3 days after the EGM, Ardea shareholders will receive an in-specie distribution of the 30 million GRL Vendor Shares at nil cost, plus have a priority right to subscribe for IPO Shares on terms yet to be finalised.
• The IPO issue to be up to a maximum of 40 million new shares at $0.20, raising up to $8 million (before costs) (GRL IPO Shares), to facilitate resource definition and extension drilling, prioritised on the Lewis Ponds and Mount Aubrey gold targets.
• Additionally, it is intended that all Godolphin shareholders will be issued loyalty options on the basis of one free option for every three Godolphin shares registered as at 3 months following listing. Each free option will have an exercise price being the higher of 25% greater than the 5 Day VWAP 3 months after listing or $0.25, exercisable up to 1 year after issue

REF: https://ardearesources.com.au/downloads/announcements/arl_2019062501.pdf

......... thoughts?!