Orbit Resources opens Matrix listing with $12M target
- Matrix Critical Minerals launched an initial public offering to raise up to $12 million while giving Orbit Resources shareholders priority access.
- Orbit Resources stock remained unchanged following the announcement.
- The carve-out allows Orbit Resources to spin off its rare earth operations and focus on core copper and gold exploration assets.
Orbit Resources (ASX:OBT) announced the initial public offering of Matrix Critical Minerals, seeking to raise between $8 million and $12 million at $0.20 per share.
The spin-off contrasts with Orbit's prior structure by separating its rare earth portfolio from its primary precious and base metal operations.
Eligible Orbit shareholders who held stock on Oct. 12 can apply for up to 10 million new shares through a priority offer that closes on Oct. 30.
The spin-off transfers the Narraburra Rare Earths Project, which holds an estimated mineral resource of 94.9 million tonnes at 739 parts per million total rare earth oxides.
Following the announcement, the Orbit Resources share price was unchanged at $0.016.
The deal is designed to let the business focus on advancing its copper, gold, and silver assets in the Lachlan Fold Belt of New South Wales.
Orbit retains operational assets at Lewis Ponds, while Matrix takes full responsibility for developing the Narraburra rare earths deposit.
