News Column

Syrah Resources Limited - Tanzanian Mineral Sands Demerger and Spin-off

July 21, 2014

ENP Newswire - 21 July 2014

Release date- 18072014 - Syrah Resources Limited (ASX: 'SYR') advises that as previously reported to the ASX several times over the past two years, Syrah has been investigating ways to add shareholder value by a joint venture, selling or spinning off its Tanzanian exploration properties.

This includes the mineral sand assets (North Tanga, South Tanga, Bagamoyo and Fungoni), the Mbinga nickel project, the Nachingwea graphite prospect and coal prospectivity at Shikula.

The Company now plans to hold an Extraordinary General Meeting in August to request shareholder approval to demerge the assets through a distribution to shareholders. This will be followed as quickly as possible by seeking a listing on the ASX through an Initial Public Offering with a priority period for existing Syrah shareholders. The expected value of the new company, Jacana Minerals Limited, at listing is expected to be less than $20 million after a proposed raising of about $8 million.


Paul Kehoe

Managing Director

Syrah Resources Ltd

Tel: + 61 3 414156288


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Source: ENP Newswire

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