iCobalt Appoints VP Exploration and MTC Priority Record Date

iCobalt Appoints Experienced VP Exploration Update on Priority Offer to MetalsTech Shareholders

MetalsTech (MTC or the Company) is pleased to provide an update on the proposed listing of its subsidiary iCobalt Limited (iCobalt).
iCobalt plans to list on the ASX via a $4.5m Initial Public Offer with a Priority Offer to eligible MTC shareholders. Upon listing, iCobalt will have an undiluted market capitalisation of $9.1 million and an enterprise value of $4.6 million.
Subject to MTC obtaining shareholder approval, pursuant to ASX Listing Rule 11.4.1(b), for the disposal of the Bay Lake High Grade Cobalt Project (held by MTC’s wholly-owned subsidiary, MetalsTech Bay Lake Cobalt Inc.), iCobalt will seek admission to the Official List of the ASX pursuant an Initial Public Offer (Spinout).
iCobalt will accelerate the exploration activity on the 100%-owned Bay Lake High Grade Cobalt Project and proceed with the 100% acquisition of the Rusty Lake Silver-Cobalt-Nickel Mine, both located in Ontario, Canada.

Highlights

Appointment of VP Exploration

  • Cherie Leeden appointed as VP Exploration to iCobalt Limited. Mrs Leeden is a Geologist with more than 15 years’ experience in multi commodity mining and mineral exploration and has led teams through resource discovery and development across graphite, base metals, iron ore and coal, two of which are now in production
  • Mrs Leeden was the co-founder and former Managing Director of Battery Minerals Limited (ASX:BAT) and was responsible for the discovery of an extensive portfolio of high grade graphite deposits in Mozambique

Priority Offer Update

  • Priority Offer under the Spinout will entitle MTC shareholders holding a minimum of 20,000 shares, a pro rata entitlement on a 1 for 5 basis as at the Record Date (Qualifying Priority Holder), a guaranteed right to subscribe for a minimum of 10,000 iCobalt shares at $0.20 per share (Minimum Allocation) and scope to subscribe for additional shares (subject to Maximum Allocation of 250,000 iCobalt shares at $0.20 per share). The Priority Offer is not strictly a pro-rata entitlement for all MTC shareholders to participate in the Public Offer
  • Pursuant to ASX Listing Rule 11.4 and 7.7, the Record Date for the Priority Offer will be set as the date which is four business days after the date of lodgement of the Prospectus with the ASX which is expected to be in early March 2018. This will allow MTC shareholders the opportunity to qualify for the Priority Offer

The full ASX announcement can be viewed by CLICKING HERE