Sign up Australia
Proactive Investors - Run By Investors For Investors

Lithium Australia's spin-out of graphite assets moves towards ASX listing

Lithium Australia will hold 18.10% of BlackEarth Minerals.
Lithium Australia's spin-out of graphite assets moves towards ASX listing
BlackEarth has assets in Australia and Madagascar

Lithium Australia NL (ASX:LIT) has taken a major step towards the spin-out of its non-core graphite assets, which will form a new company named BlackEarth Minerals NL.

BlackEarth has received a conditional admission letter from the ASX for the listing of its securities.

The ASX has now advised that it has decided to admit BlackEarth to the official list of the ASX and to quote its securities, subject to the satisfaction of certain conditions precedent.

BlackEarth is currently working with the ASX to finalise all necessary documentation and completion of the required conditions.

The company plans to focus on exploring for graphite at its West Australian projects, and on further development of the Maniry and Ianapera projects in southern Madagascar.

Funds raised

BlackEarth has received $5.455 million from 658 applications for a total of 27,275,500 fully paid shares and 13,637,750 partly paid shares attached to the fully paid ordinary shares on a 1-for-2 basis.

View full LIT profile View Profile

Lithium Australia NL Timeline

Related Articles

1540886089_DJI_0816_resized.jpg
October 30 2018
Rainbow is continuing to drive towards a production rate of 400 tonnes per month
coffee beans
April 26 2018
The company’s focus is the Arapua fertiliser project, located about 400km south-east of Brasilia in the State of Minas Gerais, a major agro-industrial centre.
Trio undertaking survey work at Rockford project
October 09 2018
The company is seeking to emulate Independence Group’s successes at Nova-Bollinger and Andromeda.

© 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