Apollo Minerals Limited (ASX:AON) plans to list its Constellation Resources Limited subsidiary on the Australian Securities Exchange.
Constellation holds the Fraser Range nickel-copper and gold assets in south-eastern Western Australia; the decision to spin-off Constellation reflects Apollo’s increased focus on its European tungsten and gold projects.
READ: Apollo Minerals intends to begin placement to fund accelerated European exploration
The separate listing of Constellation will allow the management team of Apollo Minerals to focus on its Couflens and Aurenere projects in the Pyrenees.
The listing will also ensure that Constellation has a dedicated management team and funding for exploration activities on the Fraser Range nickel-copper and gold assets.
Shareholders of Apollo Minerals with a registered address in Australia and who hold at least 12,500 Apollo shares as at 10 May 2018 – although this date may be subject to change - will receive a priority entitlement to subscribe for Constellation shares on a 1-for-5 basis.
The current plans are for Constellation to offer 35mln new shares via a flotation at an issue price of A$0.20 to raise A$7mln (gross).