MetalsTech Limited: Update on Lithium Spinout Entitlement
Highlights
- MTC has lodged its Notice of Meeting and Short Form Prospectus and commenced Shareholder despatch for voting on the spin out of the lithium projects to Winsome Resources (ASX.WR1)
- Major shareholders have indicated support for the spin out and separate ASX listing of WR1
- Shareholder meeting has been set for Monday, 4 October 2021 which will be conducted as both a physical and virtual meeting (i.e. hybrid meeting)
- In-specie distribution Record Date has been set for 7 October 2021, subject to resolution is successfully passed by Shareholders – investors wishing to receive the in species WR1 shares under the spinout must finalise their MTC shareholding by this date
- MTC shareholders to receive $9 million worth of shares in spinout by way of an in species distribution of 45 million WR1 shares in proportion to their MTC holding as at the Record Date – MTC currently has 158.6 million shares on issue (e.g. approximately 1 free WR1 20c share for every 3.5 MTC shares held assuming current shares on issue)
- Winsome Resources will focus on developing the Cancet, Adina and Sirmac-Clapier Lithium Projects in Quebec, Canada – Cancet boasts a JORC Exploration Target# of between 15Mt and 25Mt at a grade range between 1.0% and 2.0% Li2O and 100ppm to 250 papm Ta2O5 (See ASX Announcement dated 9 November 2017 titled “Significant Exploration Target Defined at Cancet Project”)
# The Exploration Target was formulated following an independent review of the Company’s exploration results including diamond core drilling, assays, field mapping, trenching, rock and channel sampling, magnetic survey and LiDAR survey. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
For further information about Winsome Resources (ASX.WR1), including investor or broker enquiries regarding the IPO please contact:
Chris Evans – Executive Director
Winsome Resources Limited
M: +61 419 853 904
E: cevans@winsomeresources.com.au
ENDS
For further information, contact:
Russell Moran
Chairman
M +61 415 493 993
Nathan Ryan
Investor Relations
M +61 420 582 887
nathan.ryan@nwrcommunications.com.au
Gino D’Anna
Director
M +61 400 408 878
Caution Regarding Forward-Looking Information
This document contains forward-looking statements concerning MetalsTech. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.
Forward looking statements in this document are based on the company’s beliefs, opinions and estimates of MetalsTech as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.