The sale was completed at 45 cents per share with Peel retaining a significant holding of 4,000,001 shares or 4.8% in Saturn.
Peel managing director Rob Tyson said: “It is with considerable reluctance that Peel has sold down its holding in Saturn Metals, which has performed exceptionally well since its IPO in 2018.
“However, Peel’s core focus remains keenly fixed on our Cobar assets including Wagga Tank-Southern Nights and Mallee Bull.”
The holding will be placed into voluntary escrow for a period of three months from the sale date.
Advancing Cobar assets
The sale proceeds will be utilised to continue advancing the company’s Cobar assets including its 100%-owned Wagga Tank-Southern Nights deposit and 50%-owned Mallee Bull deposit.
Tyson said: “The timely sale of Saturn will contribute over $7 million of funding, enabling the company to carry out significant work programs at our 100%-owned and joint ventured properties, with the primary aim of moving towards development.”
In March 2018, Peel successfully completed the spin out of its 100%-owned subsidiary Saturn Metals through an Initial Public Offering (IPO).
Prior to the IPO, an agreement was reached to vend the Apollo Hill Gold Project assets into Saturn Metals for 20,000,001 shares, making Peel its major shareholder.
Peel’s holding was released from escrow on March 9, 2020.