Firefly Resources Limited (ASX:FFR) entered into a binding Demerger Implementation Deed to spin off Firetail Resources Limited on July 8, 2021. Under the Demerger Firefly shareholders will receive one share in Firetail for approximately every 12.05 Firefly shares they hold at the record date. Upon completion of the Demerger, existing Firefly and Gascoyne shareholders will have an approximate 90.1% and 9.9% interest in Firetail, respectively.

Firetail will initially be a publicly unlisted company with an intention to seek an ASX listing at a later date following implementation of the Merger. Transaction is subject to approval from Firefly shareholders. Gascoyne Resources will arrange a separate shareholder meeting to approve the Demerger expected to be held in October 2021.

As of October 27, 2021, shareholders of Firefly Resources approved the transaction. Record date is set to November 9, 2021, and implementation date is set to November 10, 2021.