Business
Macarthur subsidiary Infinity set for ASX IPO
Macarthur subsidiary Infinity set for ASX IPO.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8413B\n Cadence Minerals PLC\n 14 June 2021\n \n \n \n \n Cadence Minerals Plc\n \n \n (\"Cadence Minerals\", \"Cadence\")\n \n \n \n \n \n Macarthur Minerals (TSX-V: MMS, ASX: MIO) \n \n to sharpen focus on iron ore delivery: Pilbara Gold and Copper assets and new Leonora Gold tenements to underpin new ASX listing.\n \n \n \n \n \n \n Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the \"Company\" or \"Macarthur\") has announced that it intends to spin-out its non-iron ore assets in the Pilbara into Infinity Mining Limited (Infinity) (previously Macarthur Australia Limited, a wholly owned subsidiary of Macarthur). Infinity currently holds the Company's Pilbara gold/copper/lithium tenements (Pilbara Assets) through Infinity's subsidiary company, Macarthur Lithium Pty Ltd (MLi). The Company proposes to undertake an initial public offering of Infinity (IPO) and apply for its listing on the Australian Securities Exchange (ASX).\n \n \n \n \n \n Why the spin-out is positive for Macarthur shareholders\n \n \n \n \n \n This strategy will fast track further exploration and the future development potential of the Pilbara Assets and allow Macarthur to focus solely on the development of its flagship iron ore projects situated at Lake Giles in the Yilgarn region of south-western, Western Australia.\n \n \n \n \n \n Infinity also holds an exclusive right to undertake due diligence on 10 historic gold/copper tenements in the Leonora area of the Central Goldfields region of Western Australia, held by Zanil Pty Ltd (Zanil) (Central Goldfields Assets). An independent technical report on the Pilbara Assets and the Central Goldfields Assets has been compiled to support a transaction, and Infinity and Zanil are in advanced discussions on the terms of a sale and purchase agreement. Subject to completion of satisfactory due diligence on the Central Goldfields Assets by Infinity, it is intended that those assets will be vended into Infinity following the listing of Infinity on ASX.\n \n \n \n \n \n This combined asset exploration and development strategy means that Macarthur's post listing shareholding in Infinity will have the potential to drive further value in Macarthur for the benefit of its shareholders.\n \n \n &nb...