The priority entitlement period for Lithium Australia shareholders for the BlackEarth Minerals IPO closes tomorrow.
By yesterday shareholders had applied for more than four million BlackEarth shares.
The priority entitlement limit is five million shares.
BlackEarth has lodged a prospectus to raise a minimum of $4.5 million and a maximum of $6 million in the IPO.
The offer closing date is 5pm (WST) on 14 December 2017 and the issue date of securities is 18 December 2017.
Expected date for quotation of BlackEarth shares is 22 December
The expected date for quotation of BlackEarth shares on the ASX is 22 December.
Adrian Griffin, managing director, said: "The BlackEarth offer gives Lithium Australia shareholders a priority entitlement to gain exposure to energy metals on the anode side of the battery: graphite is an important mineral for the continuing battery revolution.
"Lithium Australia will be a substantial shareholder in BlackEarth, further strengthening the company’s balance sheet."