Cyclone Metals Ltd (ASX:CLE) is pushing forward with reinstating the trading of its shares on the ASX with the release of a prospectus in the coming weeks and updating the market on its active projects and investments.
The ASX has agreed to Cyclone Metal’s reinstatement subject to the release of the Lady Ethleen metallurgical test-work program, an update of the Dogger and Sebastian rare earth project and an update on the status of the Marampa, Kukuna and Kipushi projects.
It will also provide an update on the status of its financing facilities and investments.
CLE will also provide a working capital statement and demonstrate that it has at least $1.5 million in working capital, which it presently has.
Positive resolution
Cyclone non-executive chairman Terry Donnelly said: “We are pleased to report the positive resolution of our discussions with ASX that paves the way for our reinstatement to trading on the ASX.
“The company is grateful to all its shareholders for their continued support.”
CLE also has to confirm that there are no legal, regulatory or contractual impediments to CLE undertaking its activities and the satisfaction of various other procedural requirements.
Lady Ethleen project
CLE will be updating the market on its active projects specifically, on the Lady Ethleen metallurgical test work program including:
➢ Further information on the XRF results disclosed in the Lady Ethleen announcement in April 2021, by setting out the parameters used in determining the analysis, reading times, calibration factors applied and their derivation.
If no calibration and no QA/QC has been completed, an explanation will be given.
The announcement must be prepared by a competent and include a competent person statement;
➢ The time frame for the disclosure of the metallurgical test results; and
➢ The proposed future activities of CLE following the outcome of the metallurgical test results.
Dogger and Sebastian rare earth project
CLE will also provide an update of the Dogger and Sebastian rare earth project including:
➢ Details of exploration activities undertaken to date, including site visits; and
➢The proposed exploration program, including the cost and the time frame for the completion of each stage of the exploration program.
An update on the status of the Marampa, Kukuna and Kipushi projects will also be given.
Investments
CLE is providing an update on the status of its financing facilities with Winance Investment LLC and MEF 1, L.P and the status of its arrangement with the Australian Taxation Office in relation to any outstanding tax liability.
The company will also update on its investments in FE Limited (ASX:FEL) (FRA:B4T), International Goldfields Limited, Cauldron Energy Limited (ASX:CXU) (FRA:UFX) and European Lithium Limited (ASX:EUR) (FRA:PF8).
ASX discretion
The ASX has confirmed that it has the discretion not to reinstate the securities of CLE should it fail to comply with the Listing Rules, the spirit of the Listing Rules or be unable to disclose information to the market as requested by ASX or required by Listing Rule 3.1.