I've contacted the company, and Alto Capital who are handling...

I've contacted the company, and Alto Capital who are handling the spinoff, while details are not yet finalised, and are still under consideration it looks like MTC at this point are leaning towards retaining a 30-40% interest in iCobalt for at least 12 months instead of conducting an in-specie distribution of iCobalt shares to MTC shareholders at the time of the ipo. From my point of view this is preferable as the shares will not be tradeable on market. At a later stage they may decide to distribute them to MTC shareholders, but it doesn't make a difference to me as I'm looking to hold MTC long term and the cobalt value will be retained within the company.

It looks like there will only be 1 million shares available in the priority offer for MTC shareholders.

Retaining a significant interest in iCobalt should result in a significant appreciation of the MTC share price, especially with these phenomenal cobalt grades, while spinning off the entity frees up MTC capital for lithium project development.

My initial feeling was disappointment that there would be no free shares, but then I realised that I wasn't going to trade them in the short to medium term anyway and MTC is retaining a significant, and likely controlling interest in the spinoff, which retains the value of the cobalt within the company. This satisfies my initial doubts as to whether I wanted the cobalt spun off in the first instance that I heard the proposal. I didn't, I bought into this company on learning of the cobalt potential, and have been pleasantly surprised at the extent of the lithium potential along the way. I wouldn't be expecting a full allocation in the priority offer of the spinoff however. How does everyone feel about that?