- Peak Minerals (PUA) has completed the demerger of Vertex Minerals, which will begin trading on the ASX on January 17
- The demerger was announced in August last year and involved Peak spinning out the Hill End and Hargraves gold projects in NSW to its subsidiary Vertex
- Peak says this allows it to focus on copper and base metal projects in WA while maintaining exposure to a free-carry equity opportunity
- Vertex recently completed an IPO which raised $5.5 million through the issue of 27.5 million shares at 20 cents
- Peak’s shares have been trading 7.14 per cent higher at 1.5 cents each
Peak Minerals (PUA) has completed the demerger of Vertex Minerals, which will begin trading on the ASX on January 17.
In August last year, Peak announced its plans to spin-out its Hill End and Hargraves gold assets, located in the highly prospective Eastern Lachlan Fold Belt in New South Wales.
The projects would, in turn, be spun-out to its wholly-owned subsidiary Vertex Minerals which launched an initial public offering (IPO) ahead of it listing on the ASX.
Peak said the demerger would allow it to focus on its copper and base metals projects in Western Australia, while also providing a free-carry equity opportunity through Vertex.
As part of the demerger, Peak completed an in-specie distribution of 15 million Vertex shares to its shareholders who received one Vertex share for every 59 Peak shares held.
In December, Vertex completed its IPO which raised $5.5 million through the issue of 27.5 million shares at 20 cents each. The IPO also included a priority offer of up to $1.5 million which allowed Peak shareholders who held shares on October 22 to subscribe for shares.
Vertex expects to commence normal trading on the ASX at 10:30 am AEDT on January 17 under the ticker code ‘VTX’.
Shares in Peak Minerals were up 7.14 per cent to trade at 1.5 cents at 2:58 pm AEDT.