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Apollo Minerals Ltd Announces Strategic Partnership With Jindal Steel and Power Ltd's Jindal Steel and Power (Australia) Pty Ltd


Monday, 18 Mar 2013 07:00pm EDT 

Apollo Minerals Ltd announced that it has signed a non-binding term sheet with Jindal Steel and Power (Australia) Pty Ltd, a wholly owned subsidiary of Jindal Steel and Power Ltd (JSPL) for a major investment into Apollo’s iron ore projects. The strategic partnership between Apollo and JSPL has been established ten months after JSPL’s initial equity investment in Apollo. Formal documentation and binding agreements are expected to be signed over the next two months. The demerger will consist of an in-specie distribution of NewCo shares to Apollo shareholders, an Initial Public Offer (IPO) by NewCo, through which JSPL will invest $10 million and listing of NewCo shares on the ASX. The demerger of NewCo would result in an iron ore focused exploration and development company. Apollo shareholders will receive shares in NewCo via an in-specie distribution that will result in Apollo shareholders holding approximately 49% of the NewCo shares as part of the demerger and after the JSPL investment. JSPL will work with NewCo to evaluate the mine development options available for each of its iron ore projects. Both companies will also work together to assess the optimal mix of funding for the development of the iron ore projects, including the sourcing of capital from both Australian and its traditional investor sources and the expanding capital markets of India.