OreCorp Limited’s (ASX:ORR) wholly-owned subsidiary, Solstice Minerals Limited, has successfully closed an A$12 million IPO as part of its demerger.
The company has obtained shareholder approval for the demerger by way of capital reduction and in-specie distribution.
The final ATO ruling outlining the implications for certain shareholders as a result of the demerger, is expected to be published over coming weeks and shareholders will be advised in due course.
The IPO received strong support from OreCorp shareholders and new investors, with the Offers to raise up to A$12 million closing oversubscribed.
Proceeds from the IPO, together with Solstice Minerals’ A$5 million cash balance at demerger will provide Solstice Minerals with $17 million in cash (before costs) to conduct its activities.
Solstice Minerals has received its conditional admission letter from ASX advising that ASX will admit Solstice Minerals to the Official List of ASX, subject to satisfaction of certain conditions. The company is working to satisfy the remaining conditions with ASX, targeting commencement of trading on 2 May 2022.
“The response to the Solstice Minerals IPO has been overwhelming and I would like to sincerely thank all OreCorp shareholders for their incredible support,” , OreCorp CEO amd Managing Director, Matthew Yates, said.
“This is an exciting opportunity for everyone involved in transitioning Solstice Minerals into a standalone WA focussed exploration company.
“I look forward to continuing to contribute alongside a very talented board of experienced professionals and wish Alastair Morrison and the team all the best as they hit the ground running once the ASX listing is complete.”
For further information please visit: https://orecorp.com.au/
