Liontown currently owns 100% of the Moora Project and is party to a farm-in and joint venture agreement, pursuant to which it has the right to acquire a 51% interest in the Koojan JV Project through its wholly-owned subsidiary, ERL (Aust) Pty Ltd (ERL) (Koojan JVA).
The Company has entered into a Share Sale Agreement with Liontown under which it will acquire 100% of the share capital in ERL from Liontown in conjunction with the Demerger, subject to satisfaction or waiver of certain conditions precedent, including satisfaction of the conditions precedent under the Demerger Implementation Agreement. It is a condition of the Demerger that the Liontown Shareholders approve the In-specie Distribution by way of the pro-rata Capital Reduction and Demerger Dividend. Therefore, the acquisition of ERL will not proceed unless shareholders of Liontown approve the Demerger.
Assuming that the Demerger is implemented, the Company proposes to undertake exploration across the Projects, with the intention of following up a number of targets identified by previous sampling and drilling programs completed by Liontown.
It is anticipated that MI6 will list on the ASX during October 2021.
Minerals 260 • Register interest in IPO
Minerals 260 Limited (Minerals 260) was incorporated as a wholly-owned subsidiary of Liontown Resources Limited (ASX: LTR) (Liontown) in June 2021.
minerals260.com.au
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