Thomson Geer has advised mineral exploration company, Cannon Resources Limited (Cannon) on its demerger from Rox Resources Limited (Rox) and its successful A$6m IPO and debut onto the ASX.
Cannon was established to implement a demerger undertaken by newly refocused gold exploration and development company, Rox for the purpose of maximising the value of and accelerating work on the Fisher East Nickel and the Collurabbie Nickel Projects.
The demerger unlocks the value of Rox’s Fisher East and Collurabbie Nickel Projects for shareholders, allowing Rox to focus on its gold assets. Rox shareholders will retain exposure to the Fisher East and Collurabbie Nickel Projects through their in-specie shares in Cannon and any shares they subscribed for as part of Cannon’s IPO.
The Cannon IPO will generate future opportunities for the growth and development of the Fisher East and Collurabbie Nickel Projects and will play a crucial role in Cannon achieving its objectives by providing the Company with valuable capital to fund the future exploration of its tenements and working capital requirements.
Partner Scott Gibson said, “It has been a pleasure assisting the teams at Rox and Cannon as we successfully navigated the demerger, IPO and Cannon’s debut onto the ASX. We wish them every success with their future exploration projects”.