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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."

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