Brief: Red Metal Ltd Proposes To Spin Out Maronan Project Through Listing On ASX

Red Metal

15/03/2021 01:32

March 15 (Reuters) - Red Metal Ltd  RDM.AX :
    * PROPOSES TO SPIN OUT MARONAN PROJECT THROUGH LISTING ON
ASX
    * PROPOSES LISTING OF UNIT MARONAN METALS LTD ON ASX
    * MMA TO ISSUE 100 MILLION MARONAN SHARES AT ISSUE PRICE OF
$0.30/MARONAN SHARE TO RAISE $30 MILLION
    * RED METAL WILL RECEIVE A $2 MILLION CASH PAYMENT FROM MMA
UPON
COMPLETION OF IPO
    * RED METAL TO RETAIN ABOUT 50% OF MMA

Source text for Eikon:  ID:nASX9Xly88 
Further company coverage:  RDM.AX 

 ((Reuters.Briefs@thomsonreuters.com;))