Gindalbie Metals shareholders approve demerger, acquisition

Gindalbie Metals shareholders approve demerger, acquisition

Gindalbie Metals (ASX: GBG) is pleased to announce that the Demerger Scheme, Acquisition Scheme and Capital Restructure were all passed by requisite shareholders and votes at the various meetings held today.


Gindalbie Metals (ASX: GBG) is pleased to announce that the Demerger Scheme, Acquisition Scheme and Capital Restructure were all passed by requisite shareholders and votes at the various meetings held today.

The resolutions to approve the Acquisition Scheme and the Demerger Scheme were approved by the requisite majorities of Gindalbie shareholders at the Acquisition Scheme Meeting and the Demerger Scheme Meeting respectively.

The resolution to approve the Capital Reduction was approved by Gindalbie shareholders at the General Meeting. In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act, details of the resolutions, proxies and poll results for the Acquisition Scheme Meeting, Demerger Scheme Meeting and General Meeting are attached to this announcement.

Gindalbie’s Non-Executive Chairman Keith Jones commented: “On behalf of the Independent Directors of Gindalbie Metals, I would like to thank shareholders for their approval today of the Acquisition, Demerger and Capital Reduction transactions.

"These transactions were put to our shareholders in March of this year to return cash to our shareholders and provide opportunities for value creation through Coda Minerals. Today’s voting results were based on strong shareholder participation and overwhelming support for all three resolutions.

"Our team has been given the mandate for a new strategic focus, and we look forward to implementing this following the necessary second Court approval.”

Overview of Coda Minerals

Post implementation of the Demerger Scheme, it is intended that Coda Minerals will be an exploration company with a clear focus on progressing the Mt Gunson Project in South Australia, in which it has a right to earn up to a 75% interest. Coda Minerals intends to apply for admission to the official list of the ASX as soon as practicable after implementation of the Demerger Scheme, though listing is not guaranteed.

The Mt Gunson Project is situated 135 km north north-west of Port Augusta in one of the world’s premier copper belts and boasts two shallow, stratabound JORC-compliant resources.

Coda’s interest in the project began with the signing of the Mt Gunson Farm-in Agreement with Terrace Mining (a subsidiary of Torrens Mining) in 2017. An initial exploration target for Mt Gunson has been established at the Emmie Bluff prospect, with a comprehensive exploration program of approximately 12,000m of drilling plus 2D seismic surveying planned to test the target in the second half of 2019.

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