Cassini Resources Limited (ASX:CZI) announced the spin-off of Caspin Resources Limited on June 22, 2020. Under the demerger scheme, Cassini shareholders are currently anticipated to receive one share in Caspin for every 22 Cassini shares they hold. The new exploration focused company, Caspin will own 100% of the Mount Squires project which holds a number of prospective gold targets and 80% of the Yarawindah Brook project which is an exciting nickel-copper-PGE opportunity, along with AUD 0.5 million of cash. Caspin intends to apply for listing on the ASX and raise IPO equity led by Ashanti Capital. In a separate transaction, OZ Minerals Limited entered into a binding scheme implementation deed to acquire Cassini Resources Limited for AUD 65.3 million. The record date for the transaction is September 28, 2020.

Cliff Lawrenson will become non-executive Chairman, Justin Tremain will become a Non-Executive Director, Simone Suen, currently Non-Executive Director of Cassini, will become a Non-Executive Director, Jon Hronsky OAM, currently Non-Executive Director of Cassini, will become a Non-Executive Director and Greg Miles, currently Chief Operating Officer of Cassini, will become Chief Executive Officer of Caspin.

The transaction will be inter-conditional and completed in conjunction with a capital reduction to effect the demerger. The capital reduction to effect the demerger will require Cassini's shareholder approval in a meeting scheduled on September 21, 2020 and certain other regulatory approvals necessary to prepare Caspin for its application for listing on the ASX. As of September 21, 2020, shareholders of Cassini Resources approved the transaction. Supreme Court of Western Australia (Court) approved the transaction on September 23, 2020. The Board of Directors of Cassini Resources Limited unanimously recommend that Cassini shareholders vote in favor of the transaction. The scheme implementation date for transaction is October 5, 2020. Sternship Advisers and ICA Partners acted as the financial advisors, KPMG Australia acted as an accountant, Grant Thornton Corporate Finance Pty Limited acted as the independent expert, CSA Global Pty Ltd acted as the independent technical specialist, Automic Pty Ltd. acted as the share registry and DLA Piper Australia acted as the legal advisor for Cassini. BDO Corporate Finance (WA) Pty Ltd prepared independent limited assurance report for the transaction.

Grant Thornton Corporate Finance Pty Limited will receive an advisory fee of AUD 0.1 million for acquisition and demerger. DLA Piper will receive an advisory fee of AUD 0.6 million, Sternship Advisers and ICA Partners will receive an advisory fee of AUD 1.2 million, CSA Global Pty Ltd will receive an advisory fee of AUD 0.096 million. BDO Corporate Finance (WA) Pty Ltd will receive an advisory fee of AUD 0.0195 million. Automic Registry Services will receive an advisory fee of AUD 0.0275 million. KPMG Australia will get an advisory fee of AUD 0.17 million.