TORONTO (miningweekly.com) – Vancouver-based junior TNR Gold Corp said on Friday it will list its unbundled lithium and rare earth assets on the TSX-V on May 24.
Chinese firm Jiangxi Ganfeng Lithium owns 10% of the new company, called International Lithium Corp, and TNR will cut its ownership in the company to 30%.
In the spin-out, TNR diluted its total ownership of the assets to 29%, which keeps it as the biggest shareholder in International Lithium, which owns lithium properties in Argentina and Nevada, and rare metal properties in Canada’s North West Territories, Ontario and also in Ireland.
All told, the company says it owns nine rare metals projects, including lithium.
TNR earlier this year raised $3-million to inject into the newly listed company.
Management estimates International Lithium will have a $15-million market value at listing.
The company is led by CEO Gary Schellenberg, with Kirill Klip being the nonexecutive chairperson.