Swick Mining Services Limited (ASX:SWK) announced the spin-off of drilling and mineral technology businesses on August 31, 2020. Pursuant to the terms, Swick Mining Services Limited is working through applying for demerger relief and analyzing its options for an Orexplore listing as part of the demerger process. Under the terms of the transaction, eligible Swick shareholders will receive one Orexplore Share for every three Swick Shares held at the record date of December 30, 2021. 93.91 million shares of Orexplore will be distributed. Following the Demerger, Swick Shareholders will have the choice to retain both their Swick Shares and their Orexplore Shares, or to sell either or both, providing investors a greater degree of choice. In conjunction with the Spin-Out, Orexplore intends to seek admission to the Official List and undertake a Priority Offer to eligible Swick Shareholders with a minimum subscription of AUD 2,000 per Swick Shareholder. The priority offer will be made by way of a prospectus to raise at least AUD 1 million (before costs) by the issue of at least 4 million Orexplore Shares at AUD 0.25 per Orexplore Share (Minimum Subscription) and up to AUD 2.5 million (before costs) by the issue of up to 10 million Orexplore Shares at AUD 0.25 per Orexplore Share.

Jason Marinko has resigned from the recently created Managing Director role. Kent Swick, Managing Director of Swick Mining, will lead Orexplore as it works towards the demerger. Swick appoints Brett Giroud as Managing Director of Orexplore Technologies Limited. The transaction is subject to Orexplore obtaining a conditional admission etter from ASX on terms satisfactory to the Directors, acting reasonably, which, once satisfied, will result in ASX admitting Orexplore to the Official List. Meeting of shareholders of Swick Mining Services to vote on the demerger is on December 22, 2021. The Board of Swick Mining Services unanimously recommended the shareholders to support the demerger and vote in its favour. As of December 22, 2021, shareholders of Swick approved the transaction. On February 5, 2021, Swick Mining Services Limited agreed that the demerger will be postponed until the 2022 financial year. On June 21, 2021, Swick announced that it would complete the transaction by end of calendar year 2021. As of November 22, 2021, the in-specie distribution will be completed on January 7, 2022. As of January 22, 2022, Orexplore has commenced trading on Australian Stock Exchange. Deloitte Corporate Finance acted as the independent valuer. Automic Pty Ltd acted as the share transfer agent and Shaw and Partners Limited acted as the financial advisor to Swick Mining Services Limited.

Swick Mining Services Limited completed the Spin-Off of Orexplore Technologies Limited (ASX:OXT) on January 21, 2022. Orexplore Technologies Limited was listed on ASX on January 21, 2022. Swick provided AUD 12 million of cash as seed funding to Orexplore on December 23, 2021.