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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. ....
Marvel Gold plans to unlock value of Chilalo Graphite Project through spin out and IPO Chilalo Graphite Project is a fully permitted, world-class graphite asset in Tanzania, with expenditure to date exceeding A$21 million. The proposed initial public offering of Evolution aims to raise a minimum of $13 million, with the potential to accept over-subscriptions. Marvel Gold Ltd (ASX:MVL) (FRA:GR2) plans to unlock the value of its advanced Chilalo Graphite Project in Tanzania by spinning it out into a newly incorporated, wholly-owned subsidiary Evolution Energy Minerals Limited, which proposes to undertake an IPO to facilitate listing on the ASX. ....