Ann:Gold Project Acquisition & proposed spin-out & IPO (Price Sensitive), page-8

I guess one consolation is that it is not a mine located in Paris or downtown New York, requiring management to fly over every five minutes as if they were executives of an energy supermajor. The proposed staffing & remuneration details for Black Horse will be interesting, especially when compared alongside PRL's ongoing charity service for executives. Let's hope it's not a big double dipper for the usual suspect(s).

I agree that an in-specie share distribution - even just a token gesture - should've been included, especially after seeing those comparatively enormous director allocations. PRL is effectively illiquid while parked on the NSX, and if it is cornerstoning this spinout then there is no likelihood it will sell its Black Horse stake in the medium to longer term, even if (and its a big if) they should hit gold in 12-18 months after a positive initial drilling programme at Mt Egerton paid for using IPO funds and effectively PRL's cash. A sharp rise in the Black Horse share price would therefore do very little for PRL holders to help them realise the value of their stranded holdings - the PRL share price might go from 0.002 to 0.004 on NSX lol.

A theory is that once established with the primary activity of gold exploration, ASX-listed Black Horse could then acquire what remains of HyEnergy & HVAC in a scrip-for-scrip merger with PRL, bringing existing PRL shareholders back over to the ASX as Black Horse shareholders, (no doubt diluted in the process), then parking up the hydrogen projects as secondary activities, leaving PRL a shell to delist from the NSX/wind up. Convoluted yes, but likely within the ASX Listing Rules (which PRL directors failed to satisfactorily manoeuvre the other way round when establishing HyEnergy while it was already a primary resources explorer).

Interestingly, the consultant geologist here is Bill Oliver. I believe he is well regarded at his craft despite his tenure at the ill-fated Firefinch (FFX) during the shambolic mishandling of government relations and the Morila gold mine in Mali by its directors & management there. He is now a director of the (ex-FFX director) Brendan Borg-led Bubalus (BUS) which is busy now exploring old Victorian gold prospects for new payload.

It would be fascinating to know the full details of the vendor too - who exactly owns that Pty Co which is getting paid in new equity in the spinout and in cash using what is effectively PRL shareholders funds (given that PRL is spending a big chunk of its cash to "buy" its Black Horse stake).

Lastly, the documents say planned Q4 ASX listing after a Q3 Prospectus issue, so this should arrive once Black Horse becomes a public company on or about 24 July according to the Gazette entry here: