SVM sovereign metals limited
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News: SVM Sovereign Metals Announces Demerger Of Standalone Graphite Projects Into New Unit

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    07/12/22
    11:55
    Post #: 65195014

    Dec 7 (Reuters) - Sovereign Metals Ltd (SVM) :

    • SOVEREIGN TO DEMERGE STANDALONE GRAPHITE PROJECTS
    • TO DEMERGE THE NANZEKA, MALINGUNDE, DUWI AND MABUWA PROJECTS INTO A WHOLLY OWNED UNIT, NGX LIMITED
    • DEMERGER WILL INVOLVE IN-SPECIE DISTRIBUTION TO CO'S SHAREHOLDERS ON BASIS OF 1 NGX SHARE FOR EVERY ELEVEN 11 SOVEREIGN SHARES
    • NGX IS PROPOSING TO PURSUE AN ASX LISTING THROUGH AN INITIAL PUBLIC OFFERING
    • SOVEREIGN WILL RETAIN ALL GRAPHITE CO-PRODUCT FROM KASIYA RUTILE PROJECT
    • NGX IPO IS EXPECTED TO COMPRISE A PRIORITY OFFER TO EXISTING SHAREHOLDERS
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