Marvel Gold Ltd (ASX:MVL) has welcomed approval from the Tanzanian Fair Competition Commission (FCC) for the spin-out of the Chilalo Graphite Project, which will see Evolution Energy Minerals Limited become the owner and operator of the Chilalo Project.
Importantly, approval of the FCC allows the initial public offer (IPO) of Evolution to now proceed and a prospectus inviting investors to subscribe for Evolution shares under the IPO is expected to be lodged with the Australian Securities and Investments Commission within one week.
Evolution is a wholly-owned subsidiary of Marvel which, upon completion of the spin-out transaction announced on May 11, 2021, will own and operate the Chilalo Graphite Project.
Chilalo Project
The Chilalo Project is in Ruangwa District of the Lindi region of south-eastern Tanzania, East Africa.
Chilalo hosts a high-grade mineral resource of 20.1 million tonnes at 9.9% total graphitic carbon (TGC) for 1.991 million tonnes of contained graphite.
Chilalo Project location.
About Marvel Gold
Marvel Gold is a Mali-focused gold explorer with advanced gold exploration projects and extensive landholdings in south and west Mali.
The company has assembled a portfolio of five gold projects in Mali through a mix of acquisitions and joint ventures and among its projects, Tabakorole is most advanced with an existing resource of 910,000 ounces grading 1.2 g/t gold with opportunities to expand along strike and via regional exploration.
It also owns 100% of the Chilalo Graphite Project, a world-class fully permitted graphite project in southeast Tanzania, for which it is assessing all options including a possible demerger and IPO.