Core Lithium shares jump on plan to spin out exploration assets

Investing.com — Shares of Core Lithium (ASX:CXO) rose as much as 6.3% on Thursday, marking the stock’s largest intraday percentage gain since June 1.

The company announced plans to divest and spin out certain exploration assets in the Northern Territory and South Australia to form a new gold exploration company called Axiant Resources.

The new venture will be divested through an initial public offering. Core Lithium said it will lodge a prospectus with the Australian Securities and Investments Commission in the third quarter.

Malcolm McComas has been appointed as Core Lithium Chairman. Greg English is retiring from his current position and will become Chairman of Axiant.

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