Ev, Peel floated off Saturn Metals with Apollo Hill as the asset. That was done to raise $7M via an issue of 35M shares @ $0.20. Peel retained 36% of the stock as part of the IPO. Effectively for vending in the Apollo Hill asset. This was later watered down to the current 31% via a cap raising by Saturn which Peel did not contribute to. Due to concentrating their spend on Southern Nights.
Ann: Quarterly Activities Report, page-40
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