IPO Watch: Liontown spinout MI6 enjoys explosive first day, gold explorer Diablo down 13pc
Liontown has held the Moora gold-nickel-copper-PGE project near Julimar since 2018, with the asset now in the hands of MI6 and former Liontown CEO David Richards.
MI6 also holds an option to earn a 51% interest in the Koojan gold-nickel-copper-PGE project, the Dingo Rocks project and tenement applications at Yalwest.
The MI6 IPO raised $30 million at 50c a share, and Liontown completed the demerger by way of a pro rata in-specie distribution of 160,000,000 fully-paid ordinary shares in MI6.
Eligible Liontown shareholders received 1 Minerals 260 share for every 11.94486 shares held in the company on the record date of 28 September 2021.
This means shareholders have exposure to the new company advancing exploration of projects in the Tier-1 Julimar Province – and retain their exposure to Liontown’s Kathleen Valley lithium-tantalum project in WA.
What’s super interesting about Liontown and MI6 is the involvement of experienced, super successful mining investor Tim Goyder – who now holds 13.97% of MI6.
Goyder was also involved with Chalice Mining (ASX:CHN) long before they even discovered the Julimar PGE-nickel-copper-cobalt deposit.
Gold and copper explorer Diablo Resources (ASX:DBO) also listed today, raising $6.5 million at 20c per share – but traded 13% down today at 17.2c.
The company is a wholly owned subsidiary of Hawkstone Resources (ASX:HWK) with the combined Diablo group to be distributed in-specie to Hawkstone shareholders post-balance date.
Diablo has 3 projects in the US, the Devil’s Canyon gold project in Nevada, the Western Desert gold project in Utah and the Lone Pine gold project in Idaho.