NOTICE OF ANNUAL GENERAL MEETING AND EXPLANATORY MEMORANDUM
ECLIPSE EXECUTED A BINDING HEADS OF AGREEMENT WITH OZ YELLOW IN RELATION TO NORTHERN TERRITORY PROJECTS
29 November 2021 – Eclipse Metals Ltd (ASX: EPM) announced the execution of a binding Heads of Agreement with Oz Yellow Uranium Limited, whereby Eclipse has conditionally agreed to sell its interests in certain Northern Territory tenements, its Ngalia Basin Uranium Prospects and the Liverpool Uranium Project (“NT Projects”), to Oz Yellow (“Proposed Transaction”).
Eclipse to receive 60% of all fully paid ordinary shares in Oz Yellow (Oz Yellow Shares) upon its listing on the ASX, of which half will be distributed in specie to Eclipse shareholders in proportion to their existing shareholding in Eclipse.
The proposed divestment and listing will result in the creation of a project specific explorer that will have the requisite funding and resources required to develop the NT Projects. Eclipse and its shareholders to maintain further exposure to the NT Project through its shareholding and board representation in Oz Yellow.
It is anticipated that Oz Yellow will undertake the IPO and seek a listing onto the official list of the ASX with a prospectus to be lodged in February 2022. The IPO will raise at least $20 million (before costs) at an issue price of $0.20 per share, with at least $2 million to be reserved for Eclipse shareholders under a separate top up offer to be included in the prospectus.