AMN - TANZANIA: IMX spins out project into Graphex

IMX Resources advises that its plans to spin-out one of the world’s best undeveloped graphite projects into a standalone listed vehicle remain on schedule.

A sale and purchase agreement has now been entered into for the sale of IMX’s graphite assets, including the Chilalo graphite project, to Graphex Mining, a new wholly-owned subsidiary of IMX, pursuant to the asset restructure announced in December 2015.

The restructure will see the Chilalo graphite project and IMX’s other graphite assets, transferred to Graphex, which will seek an ASX listing and have a focused strategy to progress the world-class Chilalo into production.

IMX managing director Phil Hoskins says: “This is a transformative transaction for IMX and its shareholders. We are committed to the restructure of our Tanzanian assets to create two distinct companies to simplify the value complexity of IMX, with Graphex, a pure play, graphite-focused entity, and IMX, a dedicated base and precious metals company. Having recently secured highly experienced mining professionals Stephen Dennis and Grant Davey to the Graphex board of directors, execution of the sale and purchase agreement and the upcoming shareholders’ meeting are important steps in delivering on that commitment.”

www.imxresources.com.au