Red Metal Limited (ASX: RDM) (Red Metal) proposes to spin out
the Maronan Project through the listing on the ASX of its wholly
owned subsidiary, Maronan Metals Limited (ACN 156 269 993)
(MMA), subject to shareholder and regulatory approvals.
The Maronan Project is a large lead-silver and copper-gold deposit
located near Cloncurry in Queensland. With over 100 million
ounces of contained silver, the Maronan Project is one of the
largest undeveloped silver resources in Australia1.
MMA to raise up to $36 million to fund resource drill-out and
feasibility programs. Veritas Securities Limited will act as Lead
Manager to the Capital Raising.
Red Metal shareholders will receive a priority entitlement to
subscribe under MMA’s IPO.
Red Metal to retain approximately 50% of MMA, delivering
increased shareholder value for Red Metal shareholders.
Red Metal will continue to focus on exploring its highly
prospective Yarrie, Three Ways, Gulf and Lawn Hill projects in
alliance with OZ Minerals while advancing its 100% owned copper
and nickel projects including Corkwood, Pernatty, Pardoo and