TNGLtd. is revisiting its previously planned spinoff of its base metals projectsin Australia's Northern Territory.
The ASX-listed explorer said July 25 that it will soonconvene a shareholder meeting to re-approve the demerger.
Shareholders initially approved the spinoff of the noncorebase metals assets via an in-specie distribution of shares in wholly ownedsubsidiary Todd River ResourcesLtd. in mid-May 2015, but weak market conditions forced TNG toshelve the plan.
A pick-up in market conditions this year has prompted TNG toseek re-approval for the move.
Todd River Resources will raise capital to fund explorationand development of the Northern Territory projects via an initial public offerand will seek to be listed on the ASX.