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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.

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