Minotaur Forms R&D Partnership with Andromeda Metals to Develop IP 

  • May 16, 2019 AEST
  • Team Kalkine
Minotaur Forms R&D Partnership with Andromeda Metals to Develop IP 

Minotaur Exploration Limited (ASX: MEP) is involved in the exploration and mining of copper, gold and base metals, with substantial minerals exploration tenements in South Australia and Queensland.

Minotaur Exploration and Andromeda Metals (ASX: ADN) have formed a research and development partnership to develop intellectual property and commercial applications for kaolin nanotube clay species (halloysite) at the Poochera deposit in the west of South Australia.

The research and development partnership and commercialisation venture will be done through a newly formed private company, which will be owned by Minotaur and Andromeda for a stake of 50% each, upon Andromeda achieving 51% interest in the Poochera JV. The collaboration is in line with Andromeda’s decision to go ahead with its earn-in to the Poochera kaolin tenements.

The incorporated entity will focus on new commercial applications for halloysite produced from the Poochera Halloysite?Kaolin Project. There will be a total contribution of $350,000 by Andromeda Metals towards the research and development investment by June 2020 to earn its 50% equity in the new company. Minotaur has funded innovative research into new technology applications of its nano-clays through relationships with the University of South Australia and lately with the University of Newcastle.

The company further announced that it had received binding commitments to complete an oversubscribed placement to the sophisticated and institutional investors to raise $1.25 million. The company will issue 31.25 million shares under the company’s existing placement capacity as per the ASX Listing Rule 7.1 and 7.1A. The new shares will be issued at $0.04 per share, at ~5% discount to the last close.

Proceeds from the placement will be used in several activities by Minotaur. $0.15 million will be used in the ground EM survey of Highlands project, $0.40 million will be used in the ground EM survey of Windsor project, $0.10 million will be used in the ground gravity survey of Peake & Denison, along with $0.60 million to be used for working capital requirements by Minotaur.

In its latest Investors Presentation, Andromeda discussed on the primary focus of Poochera Halloysite-Kaolin Project JV with Minotaur Exploration. It has a scoping study due for completion in H1 2019. Andromeda has few legacy projects with minimizing holding costs along with maximizing value. These include JV with Evolution Mining – Gold in Qld, with Environmental Copper Recovery - Copper in SA, and with Cobra Resources PLC – Gold in SA. It is seeking a JV partner in the Gold project in NT, and Native Title agreements are being negotiated in the Gold project in Pilbara.

On the price-performance front, at market close on 16th May 2019, the stock of Minotaur Exploration Limited was trading at $0.048, up 14.286% with a market capitalisation of $12.73 million. The stock has yielded a negative YTD return of 2.33% and exhibited negative returns of 4.55% and 19.23% over the past six months and one-month period, respectively. Its 52-week high price stands at $0.070 with a 52-week low price of $0.038 and an average trading volume of 247,782.

Meanwhile, Andromeda Metals shares zoomed up by 42.857% to close the day’s trade at $0.010 on ASX.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK