Blackstone Minerals’ planned gold spin-off Codrus Minerals lodges IPO prospectus with ASIC

Blackstone Minerals Ltd’s (ASX:BSX) (OTCMKTS:BLSTF) (FRA:B9S) wholly-owned subsidiary Codrus Minerals Ltd has lodged a prospectus with the Australian Securities & Investments Commission (ASIC) to raise a minimum of $5 million in new equity via an initial public offer (IPO) and ASX listing. Blackstone shareholders will be given priority under a 10,000,000 share priority offer for eligible shareholders with a record date of May 6, 2021.  Valuation of $7 million in new Codrus shares Blackstone Minerals managing director Scott Williamson said: “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. “I wish the Codrus team well for a successful IPO and listing in the near term.“ IPO details Codrus Minerals plans to raise a minimum of $5 million and a maximum of $8 million through the IPO.  PAC Partners Securities Ltd and Westar Capital Ltd have been appointed as joint lead managers. A copy of the prospectus can be obtained from www.codrusminerals.com.au  Board appointments Codrus will be led by Shannan Bamforth, a geologist with over 20 years of experience in the resources industry with a focus on base metals and gold. Bamforth comes to Codrus from Sandfire Resources Ltd (ASX:SFR) where he worked in the role of general manager geology since 2010. Also, Andrew Radonjic non-executive chairman and Jamie Byrde non-executive director have also been appointed to the board of Codrus Minerals. Codrus Minerals Blackstone Minerals is spinning out a number of non-core Western Australian gold assets into Codrus Minerals. The assets include its Silver Swan South Project, Red Gate Project and Middle Creek Project in the Goldfields and Pilbara regions of WA. It will also include the Bull Run project in Oregon US, consisting of 90 claims in Baker County in Eastern Oregon, prospective for gold. Blackstone will be a substantial shareholder of Codrus after the listing.