Almost 29 million ordinary shares were issued at $0.20 per share, raising almost $5.46 million in the IPO and BlackEarth will have circa 61 million shares on issue when it first trades.
Adrian Griffin, managing director of Lithium Australia, said: “Lithium Australia’s clear strategy is to create value for its shareholders.
“The float of its graphite interest is a prime example, giving all shareholders exposure through their LIT shareholdings and the opportunity to directly participate in BEM.
“LIT’s interest in the Very Small Particle Company (lithium ion battery cathode production technology) will add further value as LIT expands its participation in the battery industry.”
Lithium Australia holds 18% interest
Lithium Australia is the major shareholder with 11 million fully paid shares for an interest of more than 18%.
It also holds 1 million partly paid shares.
Spin-off company has six projects
BlackEarth has four graphite exploration projects in Western Australia - Donnelly River, Greenhills, Northern Gully and Yalbra.
It also has two more advanced projects in southern Madagascar - Maniry and Ianapera.
Initially, the company will focus on early exploration for graphite on its Western Australian projects, as well as further development of the Madagascan projects.