MI6 - Minerals 260

[System]

Minerals 260 Limited was incorporated as an Australian public company on 4 June 2021 for the purpose of spinning out the Moora Project and the Koojan JV Project, as well as other minor projects including the Dingo Rocks Project and Yalwest tenement applications from Liontown Resources Limited (ASX: LTR) (Liontown).

Liontown currently owns 100% of the Moora Project and is party to a farm-in and joint venture agreement, pursuant to which it has the right to acquire a 51% interest in the Koojan JV Project through its wholly-owned subsidiary, ERL (Aust) Pty Ltd (ERL) (Koojan JVA).

The Company has entered into a Share Sale Agreement with Liontown under which it will acquire 100% of the share capital in ERL from Liontown in conjunction with the Demerger, subject to satisfaction or waiver of certain conditions precedent, including satisfaction of the conditions precedent under the Demerger Implementation Agreement. It is a condition of the Demerger that the Liontown Shareholders approve the In-specie Distribution by way of the pro-rata Capital Reduction and Demerger Dividend. Therefore, the acquisition of ERL will not proceed unless shareholders of Liontown approve the Demerger.

Assuming that the Demerger is implemented, the Company proposes to undertake exploration across the Projects, with the intention of following up a number of targets identified by previous sampling and drilling programs completed by Liontown.

It is anticipated that MI6 will list on the ASX during October 2021.

Minerals 260 • ASX:MI6

Minerals 260 Limited (ASX:MI6) listed on the Australian Securities Exchange in October 2021 following a demerger from Liontown Resources Limited (ASX:LTR).

minerals260.com.au

 

[Dona Ferentes]

Listing date	11 October 2021 #
Company contact details	https://minerals260.com.au/ Ph: (08) 6556 6020
Principal Activities	Minerals 260's main business activity is mineral exploration and development.
GICS industry group	TBA
Issue Price	AUD 0.50
Issue Type	Ordinary Fully Paid Shares
Security code	MI6
Capital to be Raised	$15,000,000
Expected offer close date	22 September 2021
Underwriter	Not underwritten. Bell Potter Securities Limited (Lead Manager)

 

[Dona Ferentes]

not too bad a start for those that did a bit of security intelligence and sleuthing pre-IPO for MI6 .

The 50c shares opened at 75c but quickly settled around 60c to 62c range for the rest of the day. ,

 

[TechnoCap]

MI6 - Angepena gold prospect drill results due this month so I'm expecting a good start to 2022

 

[frugal.rock]

A newbie eh?
One for the watchlist...imo.

 

[Dona Ferentes]

With OZL taken over by BHP, the old management are finding roles outside.

“It has been very gratifying watching so many people move onto fantastic and more senior roles. It’s a credit to the people who made up OZ Minerals,” former CEO Andrew Cole says. Five members of Cole’s senior leadership team have been appointed chief executives elsewhere since the close of the $9.6 billion deal in May..



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...the new chief executives say Cole was notable for his willingness to delegate decision-making responsibilities to his senior executives.

Luke McFadyen reckons that was an admirable trait that ensured the organisation didn’t grind to a halt every time approval was required from the top boss, and he hopes to install a similar culture at Minerals 260.

“I think that is why OZ was able to move so quickly on so many things because we understood who was going to make the decisions,” he says.

“You just had smart people making smart decisions, and when they stuffed up, like everyone does, there wasn’t a culture of criticising the hell out of you and moving you on.

“It was a case of ‘What did you learn? Let’s do something better next time’.”

McFadyen says he also wants to carry on the OZ culture of treating risk as an opportunity. “Miners are notoriously conservative and over-engineer everything, but looking at everything through a lens of opportunity rather than a lens of risk means you see things differently, and you are willing to back yourself and back your teams,” he adds.
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