- Strickland Metals (STK) will demerge its Iroquois zinc-lead project and Bryah Basin project to focus on developing its flagship Yandal gold project in WA
- The company says as part of the demerger, it will create a dedicated WA-focused base metals exploration company to look after the projects
- Strickland plans to list the new company on the ASX and says shareholders will receive shares at no cost on a pro-rata basis, subject to regulatory approvals
- Strickland expects the demerger process to be completed in the first half of 2023, conditional on all approvals and processes
- Shares in Strickland are up 10.87 per cent and trading at 5.1 cents at 12:51 pm AEST
Strickland Metals (STK) has flagged its plans to demerge its Iroquois zinc-lead project and Bryah Basin project to focus on developing its flagship Yandal gold project in WA.
Both based in WA, Iroquois lies in the Earaheedy Basin and the Bryah project lies 80 kilometres north of Meekatharra in the Gascoyne district.
As part of its demerger plans, Strickland said it would create a dedicated WA-focused base metals exploration company to look after the projects.
Strickland will look to list the new entity on the ASX, and existing shareholders will receive shares in the new company at no cost on a pro-rata basis via an in-specie distribution, subject to regulatory and shareholder approvals.
CEO Andrew Bray said forming a new ASX-listed company to focus on Iroquois and Bryah was in the projects’ best interests.
“The work completed to date has shown that Iroquois warrants development as a standalone ASX-listed base metals company, and should the spin-out proceed as proposed, Iroquois will be front-and-centre of the new company,” Mr Bray said.
“With the addition of the Bryah Basin project, the new company will also have a largely greenfield project in a highly prospective area to begin advancing.
“This allows for much more dedicated and focused exploration programs.”
Strickland said it expected the demerger process to be completed in the first half of 2023, conditional on all approvals and processes.
Shares in Strickland were up 10.87 per cent and trading at 5.1 cents at 12:51 pm AEST.