INTENTION TO DEMERGE MT EDWARDS NICKEL PROJECT
Mt Edwards Nickel Project to be demerged into a new company, “Widgie Nickel Limited”.
Post demerger, Widgie Nickel will seek to list on ASX;
• Eligible Neometals shareholders to receive new Widgie Nickel shares (at no cost) on a pro-rata basis in proportion to their existing Neometals shareholding via a capital reduction and in-specie distribution, subject to Neometals shareholder approval among other things;
• Post demerger, Widgie Nickelshareholderswill be entitled to participate in an entitlement offer to subscribe for additional Widgie Nickel shares;
• Post demerger and entitlement offer, Widgie Nickel will have dedicated resources and capital to realise Mt Edwards’ long-term latent value allowing Neometals to focus on its core ‘battery materials’ projects; and
• ASX listing of Widgie Nickel is expected to occur by Q4 in 2021, with further information to be released in the coming weeks.