iCobalt Spinout and Priority Offer to MetalsTech Shareholders

MetalsTech (MTC or the Company) is pleased to provide shareholders with the following update on the proposed listing of its subsidiary iCobalt Limited (iCobalt) via a $4.5m Initial Public Offer, with a Priority Offer to eligible MTC shareholders.

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 finalisation of legal and technical due diligence to acquire 100% of the Rusty Lake Silver-Cobalt-Nickel Mine, both located in Ontario, Canada.

Highlights

  • Alto Capital appointed Lead Manager to the Spinout which is expected to occur during April 2018 under the ticker code ASX:1CO
  • Mr David Riekie appointed as Managing Director of iCobalt having previously held positions as former Managing Director of Avonlea Minerals Limited (now AVZ Minerals Limited (ASX: AVZ)) and previous General Manager – Corporate of Battery Minerals Limited (ASX: BAT)
  • Mr Russell Moran and Mr Gino D’Anna appointed as Non-Executive Directors of iCobalt
  • Dr Qingtao Zeng (PhD Geology) appointed as Non-Executive Director of iCobalt bringing a deep understanding and network of China’s battery minerals sector
  • MTC to be issued 15 million fully paid ordinary shares and 10 million performance rights in iCobalt
  • Priority Offer under the Spinout will entitle MTC shareholders holding a minimum of 20,000 MTC 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 i.e. $50,000). The Priority Offer is not strictly a pro-rata entitlement for all MTC shareholders to participate in the Public Offer
  • Record Date for the Priority Offer will be announced shortly, however will be a date not earlier than 5 January 2018, to allow MTC shareholders the opportunity to qualify for the Priority

The full ASX announcement can be found by CLICKING HERE