The Board of directors of Neometals Ltd (ASX:NMT) agreed to spin off of Mt Edwards Nickel Project of Neometals Ltd on July 1, 2021. Under the terms, Neometals will issue 1 share in Mt Edwards Nickel Project for every 4.218 per share of Neometals. Mt Edwards Nickel Project to be demerged into a new company, “Widgie Nickel Limited”. Pursunat to the terms, Neometals will distribute 100% of the Widgie Nickel shares on issue to Neometals shareholders via a capital reduction and in-specie distribution of those shares, pro rata to their shareholding in Neometals on a record date to be determined by the Neometals board (“In-Specie Distribution”). Following completion of the In-Specie Distribution, Widgie Nickel proposes to complete a capital raising via an underwritten pro rata entitlement offer (“Entitlement Issue”)to those shareholders on its share register on a record date shortly after the Demerger, giving them the right (but not the obligation) to invest further in the advancement of Widgie Nickel’s exploration and development assets. In conjunction with the Entitlement Issue, Widgie Nickel will also apply for admission to the official list of the Australian Securities Exchange and for quotation of its shares on ASX. The proposed Demerger remains subject to final approval from the Neometals’ board and shareholder approval. Neometals reserves the right to amend the proposed terms of, or not proceed with, the Demerger in its absolute discretion. Widgie Nickel’s proposed ASX listing by Q4 in 2021. Record date is August 26, 2021. Longreach Capital are acting as financial adviser and Herbert Smith Freehills as legal counsel to Neometals.