Magma Metals to Spin Off Gold Projects in Australia

Reuters Africa reported that Magma Metals Ltd (ASX:MMW) has created a new company for its gold assets, called Greenstone Metals Ltd.

As quoted in the market news:

The initial public offering for the new company, to be named Greenstone Metals Ltd, will be launched in the first half of 2012 and capital raised by the IPO will fund the development of the West Australian gold properties.

Click here to read the full Reuters Africa report.