Lithium explorer Kali Metals will make a $12 million initial public offering (IPO) for a December listing on the ASX.
Kali Metals will be established from the spin out of a portfolio of lithium assets owned by ASX-listed Kalamazoo Resources in WA, NSW, and Victoria; combined with TSX-listed Canadian gold miner Karora Resources and its highly prospective lithium mineral rights across an extensive range of projects located south of Kalgoorlie in WA.
Kali’s roughly 3,854km2 portfolio of assets will be located in two of the world’s hottest regions for lithium – the Pilbara and Eastern Yilgarn in WA – and in frontier lithium territory in eastern Australia.
The explorer’s Higginsville lithium project is located south of Mineral Resources’ (MinRes) Mt Marion lithium mine, and just a stone’s throw from the Bald Hill mine, which MinRes is looking to acquire.
“The IPO of Kali Metals is a great opportunity for potential shareholders to have access to an amazing portfolio of assets, brought together by Kalamazoo and Karora in what is an unrivalled consolidation of lithium exploration projects across Australia,” Kali managing director Graeme Sloan said.
“In the coming months, Kali is set to list in an enviable position, holding projects in WA’s leading hard-rock lithium fields, as well as in frontier lithium ground in the Lachlan Fold Belt in eastern Australia.
“Kali is well placed to become a prominent lithium-focused explorer at a time when demand for lithium, a vital ingredient in the global energy transition is forecast to increase significantly.”
Kali is offering up to 48 million shares at an issue price of $0.25 per share to raise $12 million, with the ability to accept oversubscriptions to raise an additional $3 million.
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