The proposed listing on Canada’s TSX Venture Exchange of Metalicity’s Admiral Bay zinc project is building up steam with a fresh $30 million valuation, leading North American mining investment firms engaged, and capital markets professional Tom Panoulias appointed as President and Chief Executive Officer of the new venture.
Mr Panoulias is a capital markets professional with over 15 years of experience, having worked for top investment houses, including Echelon Wealth Partners, Fraser Mackenzie, and Dundee Capital Markets.
He has raised over C$1 billion for resources companies and advised on numerous merger and acquisition deals.
Prior to entering capital markets, Mr Panoulias held senior corporate development roles at global mining company, Kinross Gold.
Metalicity managing director Matt Gauci said: “Tom’s mining and capital markets background adds significant experience to the recently appointed board of Kimberley Mining, while building on the management team to lead the company through the IPO process.”
The Kimberley Mining listing continues to build with leading North American Investment firms Haywood Securities Inc and Echelon Wealth Partners engaged as co-lead managers for the TSX-V float.
Admiral Bay will be vended into Kimberley Mining at a targeted valuation of A$30 million cash and shares after corporate structuring and shareholder approval.
An Initial Public Offering to raise ~A$31 million to A$41 million will also take place with listing of Kimberley Mining on the TSX-V at completion of the offering.
Haywood and Echelon will act as co-lead managers and joint book runners for a round of seed capital raising of ~ C$2 million while Haywood will act as co-lead manager and sole book runner for IPO financing.
Kimberley Mining will also gain further mining and capital markets experience with key appointments of Justin Reid and Paul Pint as Non-Executive Chairman and Non-Executive Director respectively.
Mr Reid is a geologist and capital markets executive with over 20 years’ experience in the mineral resource space while Mr Pint is a capital markets professional with over 25 years of experience.
Mr Reid and Mr Pint will join Metalicity representatives Mathew Longworth, Justin Barton and Matthew Gauci as non-executive directors.
The very strong market interest and now engagement of leading North American mining investment firms, appointment of a highly credible board and endorsement of project stakeholders, will best allow the progression of Admiral Bay in a market of higher valuations for base metals projects of Admiral Bay’s scale,” Metalicity managing director Matt Gauci said.
I am pleased to introduce Mr Reid and Mr Pint to the board of Kimberley Mining, both of whom bring to their respective roles.”
Metalicity believes the spin-out of Admiral Bay will benefit its shareholders on the grounds that it is fundamentally undervalued on the
ASX with Enterprise Value Per Tonne (EV/T) of a peer group of base metals assets and companies (with ownership of Admiral Bay’s scale) listed on the TSX-V much higher than on the ASX.
The company has also received numerous reverse enquiries from North American investors in regards to the project which hosts one of the world’s largest zinc deposits in development with a current JORC/NI-43101 mineral resource of 170Mt at 7.5% zinc equivalent.
A Scoping Study undertaken by SRK concluded the project to be technically feasible while a Memorandum of Understanding for offtake and project development has been signed with China Minmetals and China NFC, some of the world’s largest zinc participants.