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Lithium Australia’s spin out BlackEarth Minerals approaches full subscription for IPO

The IPO aims to raise a minimum of $4.5 million and a maximum of $6 million.
sign reading IPO next to a graph trending upwards
Shares under the IPO will be priced at $0.20

Lithium Australia NL (ASX:LIT) continues to successfully progress the spin-out of its non-core graphite assets into BlackEarth Minerals NL.

BlackEarth Minerals has now reached the minimum required subscription of $4.5 million worth of shares with the priority offer now closed.

READ: Lithium Australia gains strong shareholder support for BlackEarth Minerals spin-off

Notably, current indications are that the priority offer's full allocation will be issued.

Any excess applications will now be considered under the general offer, which remains open until 14 December 2017.

READ: Lithium Australia to benefit from maiden lithium resource in electric vehicle manufacturer's backyard

Most recently, Lithium Australia outlined a maiden resource estimate for the Sadisdorf Tin-Lithium Project in Germany.

The inferred estimate of 25 million tonnes at 0.45% lithium is a milestone for the lithium explorer and processing technology developer.

Lithium Australia is farming into a joint venture at Sadisdorf with German firm Tin International AG.

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