Marvel to spin out and IPO Chilalo Graphite Project

Marvel Gold Limited (ASX: MVL) has announced plans to spin out its Chilalo Graphite Project into a wholly owned subsidiary named Evolution Energy Minerals Limited (Evolution). Evolution will seek an initial public offering (IPO) and listing on the ASX to unlock the value of Marvel's 100%-owned Chilalo Graphite Project in Tanzania. The IPO aims to raise a minimum of $13 million, with Marvel shareholders receiving priority entitlement to subscribe for Evolution shares. The Proposed Transaction, subject to shareholder and regulatory approvals, will allow Marvel to focus on gold exploration in Mali while evolving Chilalo's potential through experienced directors in the graphite industry.