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.