Marvel progressing Chilalo Spin-out

Marvel Gold Limited has provided an update on the proposed spin-out of its Chilalo Graphite Project. The company has executed a Share Exchange Agreement (SEA) with its wholly-owned subsidiary, Evolution Energy Minerals Limited, to sell the Chilalo Project in exchange for $10 million worth of Evolution shares and $2 million in cash. The spin-out remains conditional on regulatory approvals, including Tanzania Fair Competition Commission (FCC) approval, and securing cornerstone investor support. If FCC approval is secured in mid-August, Evolution is expected to lodge a prospectus promptly thereafter, with trading of Evolution shares on the Australian Securities Exchange anticipated to begin around the end of September or early October 2021.