Sign up Australia
Proactive Investors - Run By Investors For Investors

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

The IPO for non-core graphite assets aims to raise up to $6 million.
Lithium Australia gains strong shareholder support for BlackEarth Minerals spin-off
Graphite is an important mineral for the continuing battery revolution

Lithium Australia NL (ASX:LIT) has had strong support from shareholders for the spin-off of its non-core graphite assets into BlackEarth Minerals NL.

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.

READ: Lithium Australia to extract value from IPO as shares hit 12-month highs

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."

View full LIT profile View Profile

Lithium Australia NL Timeline

Related Articles

1539587791_Kavango.jpg
October 15 2018
KSZ holds potential for world class base and precious metals deposits
Drilling at Yandal East project
September 14 2018
Thick mineralisation is identified at multiple sites and new high-priority targets are generated.
1541382659_auz-757.jpg
November 05 2018
The drilling is part of a 50,000-metre resource expansion program to test Sconi’s favourable geology and confirm the project’s true mineral endowment.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use