Cyclone Metals Ltd paves way for ASX trading reinstatement with moves to release prospectus and updates on activities – About Your Online Magazine


The company will also provide an update on the status of its financing and investment lines and a working capital statement.

() is moving forward with re-establishing trading of its shares on the ASX with the launch of a prospectus in the coming weeks and updating the market on its projects and active investments.

ASX has agreed to the reinstatement of Cyclone Metal subject to the launch of the Lady Ethleen metallurgical testing program, an update on the Dogger and Sebastian rare earth projects, and an update on the status of the Marampa, Kukuna and Kipushi projects.

It will also provide an update on the status of your funding and investment lines.

CLE will also provide a working capital statement and demonstrate that it has at least $1.5 million in working capital, which it currently does.

positive resolution

Cyclone Non-Executive Chairman Terry Donnelly said: “We are pleased to report the positive resolution of our discussions with ASX that paves the way for our re-establishment of ASX trading.

“The company thanks all of its shareholders for their continued support.”

CLE must also confirm that there are no legal, regulatory or contractual impediments for CLE to carry out its activities and satisfy various other procedural requirements.

Lady Ethleen Project

CLE will be updating the market on its active projects specifically in the Lady Ethleen metallurgical testing work program, including:

➢ Further information on XRF results released in the Lady Ethleen communiqué in April 2021, setting out the parameters used in determining the analysis, reading times, applied calibration factors and their derivation.

If no calibration and no QA / QC have been completed, an explanation will be provided.

The advertisement must be prepared by a competent person and include a declaration by a competent person;

➢ The deadline for disclosing the results of metallurgical tests; and

➢ The proposed future activities of the CLE after the result of the results of the metallurgical tests.

Dogger and Sebastian’s Rare Earth Project

CLE will also provide an update on Dogger and Sebastian’s rare earth project, including:

➢ Details of exploration activities carried out to date, including site visits; and

➢ The proposed exploration program, including the cost and timeframe for completing each stage of the exploration program.

An update on the status of the Marampa, Kukuna and Kipushi projects will also be provided.

Investments

CLE is providing an update on the status of its funding resources with Winance Investment LLC and MEF 1, L.P and the status of its agreement with the Australian Taxation Office in relation to any outstanding tax liability.

The company will also update its investments in FE Limited () (FRA: B4T), International Goldfields Limited, Cauldron Energy Limited () (FRA: UFX) and European Lithium Limited () (FRA: PF8).

ASX criterion

ASX has confirmed that it has the power not to reinstate CLE’s securities if it fails to comply with the Listing Rules, the spirit of the Listing Rules or is unable to disclose information to the market as requested by ASX or required by Listing Rule 3.1.

Paula Fonseca