- Verde AgriTech (TSX:NPK) reveals that Oby Rare Earths in Australia will independently advance the Man of War Rare Earths Project (MoW), subject to shareholder approval.
- The spin-off will allow Verde to concentrate solely on its core business of producing low-carbon specialty fertilizers.
- MoW has shown promising results from drilling with an independent resource calculation is expected by the end of 2024
- Shares of Verde Agritech are up 3.28 per cent to C$0.63 as of 10:28 a.m. ET
Verde AgriTech (TSX:NPK) reveals that Oby Rare Earths in Australia will independently advance the Man of War Rare Earths Project (MoW), subject to shareholder approval.
In a news release, the company stated that the move to spin off MoW into a separate entity will allow Verde to concentrate on its core business of producing and commercializing low-carbon specialty fertilizers.
A Special Meeting of Shareholders will take place on Dec. 20, 2024, to vote on the approval of the Oby spin-off and the distribution of Oby shares to Verde’s shareholders.
The MoW project has shown promising results through 3,640 meters of diamond core drilling, revealing significant quantities of magnetic and heavy rare earths in both grade and thickness. For more detailed results, Verde referenced press releases issued on October 7, October 29, and November 18, 2024.
An independent resource calculation for MoW has also been commissioned and is expected to be completed by the end of 2024.
Due to the project’s high potential and the substantial investments required for its development, the Board of Directors has determined that MoW should be pursued by an independent entity.
Verde AgriTech focuses on advancing sustainable agriculture through the development of multi-nutrient potassium fertilizers. The company aims to improve agricultural productivity, support soil health, and promote environmental sustainability.
Operating in Brazil, Verde utilizes proprietary technologies to address both the immediate needs of agriculture and broader global challenges, such as food security and climate change.
The company is also committed to carbon capture and the production of environmentally friendly fertilizers, with the goal of contributing to the long-term health of the planet.
Shares of Verde Agritech are up 3.28 per cent to C$0.63 as of 10:28 a.m. ET.
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