Marvel Gold s Chilalo Graphite Project spin-out advances with key share exchange agreement executed
While the spin-out is well-advanced, it remains subject to a number of conditions, both as a function of the terms of the SEA as well as regulatory matters. Evolution has appointed Chieftain Securities Pty Ltd and Ashanti Capital Pty Ltd as joint lead managers to the spin-out.
Marvel Gold Ltd’s (ASX:MVL) (FRA:GR2) proposed spin-out of its Chilalo Graphite Project in Tanzania and initial public offering (IPO) of wholly-owned subsidiary Evolution Energy Metals Ltd is at an advanced stage – pending final in-country regulatory approvals.
In a key development, a share exchange agreement (SEA) has been executed under which Marvel has agreed to sell the Chilalo Project to Evolution in exchange for Evolution shares valued at A$10 million.
S&P/ASX 200 gains 0.92% following a strong session in the US on Tuesday
In Japan, the Nikkei 225 led gains among Asia’s major markets as it rose 1.3% while the Topix index advanced 1.42%. Bitcoin fell again on Tuesday, breaking below the critical US$30,000 level.
S&P/ASX 200 (INDEXASX:XJO) gained 0.92% to 7,319 points by about 12.50 pm, reclaiming its losses from the past two days following a strong overnight session in the US.
The Dow Jones Industrial Average in the US jumped more than 500 points, mostly recovering from its Monday plunge.
NSW has recorded 110 new local COVID-19 cases in 24 hours off the back of a record 84,000 tests.
FTSE 100 closes firmly lower as inflation fears pummel markets
The UK blue chip index closed down 175 points, or 2.47%, at 6,947 on the day.
FTSE 100 loses 2.47%
Antofagasta edges higher
FTSE 100 closed sharply in the red on Friday as inflation fears spooked global markets.
The UK s top share index finished over 175 points lower, or 2.47%, at 6,947. The midcap FTSE 250 also went lower, plunging over 530 points, at 22,167.
On Wall Street, the Dow Jones Industrial Average lost over 454 points at 34,288. The S&P 500 shed over 42 points, at 4,145. The Nasdaq shed around 65 at 13,336. Inflation fears have hurt market sentiment today, as European markets maintained the pessimistic tone established in the US yesterday, said Joshua Mahony, senior market analyst at IG.