- The ASX has granted FireFly Resources’ (FFR) subsidiary Firebird Metals conditional approval to list on the exchange
- Debutant Firebird Metals was born as FFR sought to emerge from its non-core manganese assets, primarily the Oakover Manganese project, which has an inferred resource of 64 million tonnes at 10 per cent manganese
- Provided it meets certain ASX requirements, Firebird Metals is expected to make its debut in the week commencing March 15 under the ticker code FRB
- Based on current issued capital, Firefly shareholders registered by the record date are expected to receive approximately one share in Firebird (FRB) for every 12 shares held in Firefly (FFR)
- Firefly Resources (FFR) closed the session up 11.5 per cent at 14.5 cents per share
The ASX has granted Firefly Resources’ (FFR) subsidiary, Firebird Metals, conditional approval to list on the exchange.
The wholly owned subsidiary sprung from the ashes of Firefly’s demerger from its non-core manganese assets, under which 25 million Firebird Metals shares are tipped to be distributed among Firefly shareholders.
Firebird is set to take over the Oakover Manganese Project, which has an inferred resource of 64 million tonnes at 10 per cent manganese, but has since taken a back seat in Firefly’s operations while it focuses on its Yalgoo Gold Project.
It forms part of the company’s broader move to “unlock the value” of Oakover.
Subject to certain ASX requirements, Firebird Metals is expected to make its ASX debut on the week commencing March 15 under the ticker code FRB, with a specific date soon to be confirmed.
Based on current issued capital, Firefly shareholders registered by the record date are expected to receive approximately one share in Firebird for every 12 shares held in Firefly.
Firefly is also in the process of an unmarketable parcel clean-up process, under which any new Firebird shareholder upon listing who holds less than 2500 shares will have the option to sell the share free of commission by Euroz Hartleys Securities.
“Firebird takes the Oakover Manganese Project, a non-core Firefly project with an established historic resource that will represent a low market capitalisation on IPO when compared to ASX listed peers with manganese projects located nearby,” Firefly Managing Director Simon Lawson commented.
Firefly Resources (FFR) closed the session up 11.5 per cent at 14.5 cents per share.