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TNG Proposes Demerger from Base Metal Assets in Northern Territory
TNG Limited (ASX:TNG) announced that it plans to demerge its non-core portfolio zinc, copper and base metal assets in the Northern Territory to concentrate on its flagship Mount Peake vanadium-titanium-iron project.
TNG Limited (ASX:TNG) announced that it plans to demerge its non-core portfolio zinc, copper and base metal assets in the Northern Territory to concentrate on its flagship Mount Peake vanadium-titanium-iron project.
As quoted in the press release:
The proposed spin-off, via its subsidiary company Todd River Resources, will see TNG emerge with a 20 per cent cornerstone stake in the new company with TNG shareholders to hold 80 per cent of the shares via an in-specie distribution. Upon completion of the de-merger Todd River Resources will have one of the largest base metal exploration footprints in the Northern Territory with ownership of a number of advanced assets including the large Manbarrum zinc Project.
The demerger is consistent with TNG’s focus on the development of its world-class Mount Peake vanadium-titanium-iron project in the Northern Territory, for which a Feasibility Study is at an advanced stage and due for completion by mid-year
TNG will today send a Notice of General Meeting to Shareholders for a meeting to be held on 20 May 2015.
The Company’s primary objective in undertaking the Spin-out is to separate the NT Base Metal Assets from its other assets and to achieve the following commercial objectives:
- to allow TNG to concentrate on the development of its flagship asset, the world-class Mount Peake Vanadium-Titanium-Iron Project;
- to create a separate entity to focus on the future development of the NT Base Metal Assets; 2
- to provide separate funding channels for Todd River and the NT Base Metal Assets, thereby allowing the Company to conserve its cash resources for undertaking activities connected with its flagship asset and also enabling each entity to achieve a funding profile more attuned to the stage of development of its respective assets; and ï‚· to make it easier to raise equity to fund the NT Base Metal Assets.
Click here to read the full TNG Limited (ASX:TNG)Â press release.
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