Australian Vanadium Limited (AVL) updated investors on the sale of its Coates Nickel-Copper-PGE and Nowthanna Hill projects.
According to AVL, following on from previous ASX announcements regarding the divestiture of AVL’s non-core, 100%-owned Western Australian copper, nickel, PGE, and uranium assets into Mining Green Metals Limited (MG1) via a new Initial Public Offering (IPO), MG1 has lodged its IPO prospectus dated 2nd March 2023 with the Australian Securities and Investments Commission (ASIC). The General Offer is now available.
AVL reported that following the successful listing on the ASX, AVL will retain a significant shareholding in MG1 of 11.24%.
The company said MG1’s proposed listing enables AVL to concentrate on developing the Australian Vanadium Project, constructing its vanadium electrolyte facility, and expanding the vanadium battery market through its subsidiary VSUN Energy.
AVL added that MG1 IPO would establish a specialised ASX-listed critical mineral-focused vehicle for mineral exploration for the energy transition. Nickel, lithium, copper, platinum group elements, and uranium are among the initial exploration assets considered promising.
Subject to regulatory approvals, MG1 will conduct an IPO to raise $5 million at an issue price of $0.20.
As part of the General Offer, AVL shareholders will be entitled to participate in a Priority Offer of up to 10,000,000 Shares (with a minimum of 10,000 Shares and up to 500,000 Shares per eligible Shareholder).
