News: PEX Peel Mining says plans to vend project into unit, list it on ASX via IPO

Sept 8 (Reuters) - Peel Mining Ltd (PEX) :

• Plans to vend its 100%-owned Apollo Hill gold project in Western Australia into a newly established, 100%-owned subsidiary
• Apollo Mining Pty entered into an agreement to sell its interest in tenements and contractual rights and obligations to Saturn.
• Plans to list subsidiary, Saturn Metals, on ASX via an initial public offering
• Under IPO Saturn seeks to raise up to $7 million through issue of up to 35,000,000 fully paid ordinary shares at an issue price of $0.20