17 July 2014 | |
TANZANIAN MINERAL SANDS DEMERGER AND SPIN-OFF | |
Syrah Resources Limited (ASX: "SYR" or "the Company") advises that as previously reported to the ASX several times over the past two years, Syrah has been investigating ways to add shareholder value by a joint venture, selling or spinning off its Tanzanian exploration properties. This includes the mineral sand assets (North Tanga, South Tanga, Bagamoyo and Fungoni), the Mbinga nickel project, the Nachingwea graphite prospect and coal prospectivity at Shikula. The Company now plans to hold an Extraordinary General Meeting in August to request shareholder approval to demerge the assets through a distribution to shareholders. This will be followed as quickly as possible by seeking a listing on the ASX through an Initial Public Offering with a priority period for existing Syrah shareholders. The expected value of the new company, Jacana Minerals Limited, at listing is expected to be less than $20 million after a proposed raising of about $8 million. Further details regarding the proposed transaction will be released at a later date. Paul Kehoe Managing Director Syrah Resources Ltd Mobile contact - + 61 3 414156288 Email - p.kehoe@syrahresources.com.aU Syrah Resources Ltd (ABN 77 125 242 284). Level 9/356 Collins Street Melbourne 3000 Australia Ph: 03 96707264 | ASX Code SYR Current Corporate Structure Ordinary Shares Issued Shares: 162,580,614 Options Exercisable at $0.26: 2,414,467 Exercisable at $2.21: 50,000 Exercisable at $2.90: 250,000 Exercisable at $3.87: 1,000,000 Exercisable at $5.50 500,000 Major Shareholders Directors 22.28% Citicorp Nom PL 12.68% HSBC Custody Nom Aus Ltd 7.06% Copper Strike Ltd 6.77% National Nom Ltd 6.28% Gasmere PL 4.00% Board of Directors Mr Tom Eadie Non-Executive Chairman Mr Paul Kehoe Managing Director Mr Tolga Kumova Executive Director Mr Rhett Brans Non-Executive Director Ms Melanie Leydin Company Secretary Key Project Balama Graphite Project (Mozambique) Balama is the largest and one of the highest grade flake graphite and vanadium projects globally. www.syrahresources.com.au |
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