Jupiter Mines (ASX:JMS)
has announced the demerger and initial public offering of its Central Yilgarn Iron Ore assets through its newly created company, Juno Minerals.
Juno intends to issue 120 million shares to Jupiter, in exchange for the Central Yilgarn Iron Ore assets and $5 million in seed capital.
A public offer will also be made of up to 80 million Juno shares to raise up to $20 million.
Shares in Jupiter Mines (ASX:JMS)
closed 3.1 per cent higher at 33 cents.