March 17 (Reuters) - Metalstech Ltd MTC.AX :
* TO SPINOUT LITHIUM ASSETS (CANCET, ADINA & SIRMAC-CLAPIER PROJECTS) INTO NEW VENTURE
* AS A PART OF SPIN OUT, MTC WILL RECEIVE 22 MILLION VENDOR SHARES
* CO'S SHAREHOLDERS TO BE OFFERED $2 MILLION PRIORITY PARTICIPATION OFFER IN ASX LISTING
* NEW CO TO RAISE MINIIMUM $5 MILLION AND MAXIMUM $8 MILLION WITH ABILITY TO ACCEPT A FURTHER $2 MILLION UNDER IPO
* IN CONJUNCTION WITH SPIN-OUT, NEWCO WILL UNDERTAKE IPO TO FACILITATE APPLICATION BY NEWCO FOR ASX LISTING