Oct 2 (Reuters) - Australia's Sunrise Energy Metals plans to relocate its parent company to the United States through a newly incorporated Delaware company and seek a primary listing on Nasdaq, the company said on Friday.
Here are some more details:
• The new US-based company, Sunrise Energy Metals, Inc., will acquire all Sunrise shares and become the group's parent company.
• The Melbourne-based firm said its primary listing will be on Nasdaq following the scheme implementation and a secondary listing on the ASX
will ensue.
• The move aligns with a conditional commitment for up to $400 million from the U.S. Department of War for the company's Syerston Scandium Project in New South Wales, Sunrise said.
• The project has its key permits in place and is targeting first production in the first half of 2028, with planned output of about 60 metric tons of scandium oxide a year, according to the company's 2026 annual report.
• Scandium is a critical mineral, whose importance to Western defense and technology sectors has been in the spotlight since main producer China imposed export controls.
• Sunrise said the relocation would not change its business, assets, operations or projects, and its directors and senior management are expected to remain in their current roles.
• Shares of Sunrise Energy Metals were up 6.9% at A$23.060 earlier in the session.
(Reporting by Aamir Shaik Khalid in Bengaluru; Editing by Subhranshu Sahu)
