Junior explorer Dourado Resources Ltd
(ASX:DUO) plans to spin off its uranium assets into a separate listed entity, just three months after its own public float.
The newly listed company is seeking shareholder approval to transfer its assets in the Northern Territory to Eclipse Uranium, a subsidiary company established a week ago.
Dourado is to be issued 25 million shares in Eclipse, enabling it to hold between 29% and 33% of Eclipse at the time of listing the company on the ASX, depending on the amount raised via the Initial Public Offering (IPO).
Eclipse will house Dourado’s Northern Territory uranium projects as well as assets to be acquired from uranium explorer Cauldron Energy Ltd.
The companies will each own up to 33% of the new venture, and key members of Cauldron have joined the Eclipse board.
The company says Dourado’s board believes the successful spin off of the company’s uranium assets will allow it to focus on its gold and copper assets in the Mooloogool and Sabbath project areas.
