Tawana spin-out seeks $8M

THE wraps have been taken off Tawana Resources’ spin-out vehicle, Cowan Lithium, which is seeking A$8 million to drive exploration in areas now considered to be of secondary importance to the operating Bald Hill lithium-tantalum mine.

Tawana spin-out seeks $8M Tawana spin-out seeks $8M Tawana spin-out seeks $8M Tawana spin-out seeks $8M Tawana spin-out seeks $8M

Cowan will be looking around Tawana's Bald Hill plant.

Tawana, which is in the process of merging with partner Alliance Mineral Assets, will focus on production and the near-mine environment leaving Cowan to explore further away from the mine, at the nearby Yallari project, and to hold its non-core African assets.
 
When Tawana announced its demerger plans in March it said the exploration projects needed their own focussed management, but that it had no immediate plans to list the new vehicle on the Australian Securities Exchange.
 
Five months on that has changed as its scheme of arrangement with its Singapore-based partner has taken shape.
 
Cowan is seeking to raise between $6-8 million with the issue of up to 40 million shares valued at 20c each ...

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