Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF) announced the launch of an initial public offering for its Aclara Resources Inc (TSX:ARA, OTC:ARAAF) spin-off on the Toronto Stock Exchange.
Aclara is seeking to raise about US$100mln on listing, valuing the rare earths company at about US$237mln (£176mln) based on the estimated price range. Pricing will be determined following the book building process.
Hochschild, a FTSE 250 precious metals producer, will buy Aclara shares through a private placement to retain a 20% stake in the demerged company as previously announced.
READ: Hochschild Mining gets thumbs-up for Aclara Resources demerger plan
Aclara is a development-stage rare earth mineral resources company with a strategic land package of mineral concessions in Chile.