Lithium Australia NL (ASX:LIT) is creating value from a non-core asset, by selling its graphite assets into the pending IPO of BlackEarth Minerals NL.
BlackEarth has lodged a prospectus to raise a minimum of $4.5 million and a maximum of $6 million.
The prospectus exposure period has been extended to the 22nd November 2017.
Allocation to Lithium Australia shareholders
There have been 5 million $0.20 shares allocated and made available to those Lithium Australia shareholders registered on the 14th November 2017, collectively on a priority application basis.
The offer includes for every two shares, a partly paid share will be allocated, paid to $0.0001, unpaid to $0.2499.
The minimum subscription is 10,000 shares valued at $2000.
