Red Metal (ASX:RDM) to spin out Maronan Project through $36M subsidiary IPO SubscribeBe the first with the news that moves the market Red Metal (RDM) has unveiled a plan to spin out its Maronan Project through the listing on the ASX of its wholly owned subsidiary Maronan Metals The IPO will seek to raise up to $36 million, which will be used by Maronan Metals to fund resource drilling and feasibility programs Red Metal will retain a roughly 50 per cent holding in Maronan Metals and will appoint two representatives to Maronan's board With more than 100 million ounces of contained silver, the Maronan Project is considered one of the largest undeveloped silver resources in Australia