Podium Minerals granted creditor approval for acquisition of EVM Nickel assets

Small Caps10-28

Podium Minerals (ASX: POD) has received approval to acquire all the assets of struggling company EVM Nickel, a subsidiary of unlisted UK-based company EV Metals Group. Approval of a proposed deed of ...

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class=\"title\">\nPodium Minerals granted creditor approval for acquisition of EVM Nickel assets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-28 09:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://smallcaps.com.au/podium-minerals-creditor-approval-acquisition-evm-nickel-assets/><strong>Small Caps</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Podium Minerals (ASX: POD) has received approval to acquire all the assets of struggling company EVM Nickel, a subsidiary of unlisted UK-based company EV Metals Group.\nApproval of a proposed deed of ...</p>\n\n<a href=\"https://smallcaps.com.au/podium-minerals-creditor-approval-acquisition-evm-nickel-assets/\">Source 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deed covers mineral rights, licences and intellectual property related to the Range Well nickel-cobalt project in Western Australia.The DOCA – which is now subject to approvals from the Foreign Investment Review Board as well as the company’s shareholders – is expected to bring Podium a step closer to consolidating Range Well with the nearby Parks Reef platinum group metals  project, delivering a larger operating footprint for mining activities.It will also help Podium simplify the development of both projects and provide potential project synergies and cost benefits.Successful completion of the transaction will see London-listed diversified processor and producer of downstream PGM products Johnson Matthey bec","collect":0,"end_time":0,"defaultTopTitle":"smallcaps.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7116":"贵重金属与矿石","MTX":"Minerals Technologies Inc","PGM.AU":"PLATINA RESOURCES LTD","PGM":"铂金ETN-iPath","BK7095":"多种金属与采矿","BK4109":"特种化学制品","POD.AU":"PODIUM MINERALS LTD","EVM":"Eaton Vance California Municipal"},"translate_title":"Podium Minerals获得债权人批准收购EVM镍资产","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EVM":1,"MTX":1,"PGM":1,"PGM.AU":1,"POD.AU":1},"content_text":"Podium Minerals (ASX: POD) has received approval to acquire all the assets of struggling company EVM Nickel, a subsidiary of unlisted UK-based company EV Metals Group.\nApproval of a proposed deed of company arrangement (DOCA) submitted by Podium earlier this month was granted by EVM creditors.\nThe deed covers mineral rights, licences and intellectual property related to the Range Well nickel-cobalt project in Western Australia.\nLarger footprint\nThe DOCA – which is now subject to approvals from the Foreign Investment Review Board as well as the company’s shareholders – is expected to bring Podium a step closer to consolidating Range Well with the nearby Parks Reef platinum group metals (PGM) project, delivering a larger operating footprint for mining activities.\nIt will also help Podium simplify the development of both projects and provide potential project synergies and cost benefits.\nSuccessful completion of the transaction will see London-listed diversified processor and producer of downstream PGM products Johnson Matthey become a cornerstone shareholder in Podium.\nJohnson Matthey is the secured creditor of EVM Nickel and placed it into administration in February.\nAsset consideration\nUnder the terms of the DOCA, Podium will acquire EVM Nickel’s assets for a consideration of 110.7 million shares to Johnson Matthey, held in voluntary escrow for 24 months and subject to Johnson Matthey maintaining at least a 10% equity interest in Podium.\nAn additional 2.27 million shares will be issued to EVM Nickel on behalf of EV Metals Group, to also be held in voluntary escrow for 24 months.\nPodium will also make a $1.17 million payment to EVM Nickel administrator Cor Cordis for fees, costs, project expenses and distribution to creditors.\nA 1.5% net smelter royalty will be granted to Johnson Matthey with respect to Range Well only.\nOperational benefits\nPodium executive chair Rod Baxter welcomed the approval to acquire EVM Nickel.\n“The opportunity to acquire a nickel laterite project at the low point of the market and simplify project ownership is expected to provide a number of potential development and operational benefits,” he said.\n“We continue to fortify our position, build business resilience, generate substantial know-how on the metallurgical flowsheet for Parks Reef and position for an anticipated metal price recovery.”\nMr Baxter said Podium would now progress shareholder approval and work with Cor Cordis and Johnson Matthey to secure the necessary approvals to complete the 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