Metals X (ASX:MLX) shares have fallen almost 60% since the start of trade this morning, following the spin-off of the company’s gold assets.
Today, the company released a substantial shareholder notice increasing Blackrock’s interest in the company to almost 14 percent.
Last week, Metals X shareholders approved the demerger of the company, where its gold assets will be spun-out to another company called Westgold.
Westgold will be led by Peter Cook, the chief executive of Metals X, and it will become one of Australia’s top-10 ASX-listed gold producers.
Metals X posted a $23.6M net loss at 30 June 2016.