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ASX-listed Australian Vanadium’s ambition to divest its Coates nickel/copper/platinum group elements project and Nowthanna Hill uranium project tenements, in Western Australia, is advancing.

The company last year signed an option agreement with unlisted Mining Green Metals (MGM) to divest of the projects in exchange for 6.5-million fully paid ordinary shares in MGM and a 0.75% net smelter return royalty from the value of the minerals mined at Coates, along with a cash payment of A$190 000.

The agreement was subject to MGM listing on the ASX.

Australian Vanadium on Monday told shareholders that MGM has now lodged its initial public offering (IPO) prospectus with the Australian Securities and Investment Commission, with the company hoping to raise A$5-million at an issue price of 20c a share, subject to regulatory approvals.

Australian Vanadium shareholders will be entitled to participate in a priority offer of up to 10-million shares.

On the successful listing of MGM, Australian Vanadium will hold an 11.24% interest in the critical minerals-focused explorer.