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Navigator Resources lodges prospectus for Kimberley Rare Earths IPO spin-off

Navigator Resources lodges prospectus for Kimberley Rare Earths IPO spin-off

Navigator Resources (ASX: NAV) has moved another step closer to spinning off the Cummins Range Rare Earth Project into a new ASX listed company, by lodging a prospectus with ASIC.

The new company is set to be called Kimberley Rare Earths, and aims to raise around $14.3 million through the IPO.

Navigator shareholders are eligible for one Kimberley Rare Earths share for every ten Navigator shares.

Kimberley Rare Earths will be issued at $0.20.

The record date for the pro rata distribution of free Kimberley Rare Earths shares to eligible Navigator shareholders is 16 May 2011.

The new company has been incorporated to be a specialist rare earths vehicle with an initial 25% direct interest in Navigator’s Cummins Range Rare Earth Project in the Kimberley region of Western Australia.

Kimberley Rare Earths will also have the right to earn up to an 80% interest in the project through funding exploration and development activities through to production of a Bankable Feasibility Study.

Cummins Range is one of only a few Australian rare earths projects that has a Resource reported under the JORC Code of; 4.17 million tonnes at 1.72% total rare earth oxide for 71,700 tonnes total rare earth oxide, 11.0% P2O5 and 187ppm U3O8.

 

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