Blackstone Minerals Announces Gold Asset Spin Out

THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) caught punters at the 2021 RIU Sydney Resources Roundup on the hop by taking time from its presentation slot to announce that its wholly owned subsidiary, Codrus Minerals, has lodged a Prospectus with ASIC to raise $5 million in new equity via an IPO and ASX Listing.

Codrus Minerals has lodged its IPO prospectus with ASIC to raise a minimum of $5 million and a maximum of $8 million with the aim of becoming a highly prospective gold company with the spin-out of Blackstone’s Western Australian gold assets, including the Silver Swan South project, Red Gate project and the Middle Creek project.

Codrus’ portfolio is also to include the Bull Run project in Oregon USA, consisting of 90 claims in Baker County in Eastern Oregon, prospective for gold and has been mined since 1929.

“We are delighted to announce the IPO Prospectus for Codrus, enabling Blackstone to create shareholder value with a valuation of $7 million in new Codrus shares received from the non-core gold portfolio, while we remain focused on our Ta Khoa nickel-PGE-copper-cobalt project in Vietnam as well as retaining the Gold Bridge project in Canada,” Blackstone Minerals managing director Scott Williamson said in the company’s ASX announcement.