TNG Ltd. said Feb. 1 that the new company that will own its base metals assets in Australia's Northern Territory has filed a A$6 million IPO to list on the ASX.

Todd River Resources Ltd. is offering 30 million shares at 20 cents apiece to raise the cash and list on the ASX on March 24.

The company plans to use the cash raised to undertake exploration at its base metals projects as well as for general working capital.

TNG shareholders will receive an in-specie distribution of shares in Todd River Resources and are also being given priority under the IPO.

The offer opens on Feb. 8, with the priority offer closing Feb. 24 and the general offer closing March 3.