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 new subsidiary, named Evolution Energy Minerals Limited, to facilitate an initial public offering (IPO) on the Australian Securities Exchange. The IPO aims to unlock the value of the Chilalo Project in Tanzania, a fully permitted graphite asset with over A$21 million in expenditure. The IPO will raise a minimum of $13 million, with Marvel shareholders receiving priority entitlement to subscribe for Evolution shares. The Proposed Transaction is subject to shareholder and regulatory approvals, with a general meeting scheduled for 11 June 2021. Marvel will continue to focus on gold exploration in Mali.