Firefinch shareholders to meet in May
PERTH (miningweekly.com) – Shareholders of ASX-listed Firefinch will meet on May 31 to vote on the demerger of Leo Lithium.
Leo Lithium will hold Firefinch’s Goulamina lithium project, in Mali, in a joint venture with Chinese partner Jiangxi Ganfeng Lithium.
If the demerger is approved by shareholders, Firefinch shareholders will be entitled to receive one Leo Lithium share for every 1.4 existing shares held in Firefinch at the demerger record date, of June 6.
Eligible Firefinch shareholders would also be able to participate in Leo Lithium’s prospectus in the up to A$80-million pro-rata priority offer, which will be priced at 70c a Leo Lithium share. Firefinch is expected to subscribe for up to A$20-million to maintain its 20% interest in Leo Lithium.
Firefinch has previously told shareholders that the separation of its lithium and gold assets will allow shareholders to retain exposure to the projects, but in separate and focused entities.
Leo Lithium is hoping to raise sufficient funds in its initial public offering to develop the Goulamina project. It is estimated that the project will require an initial $225-million investment for the Stage 1 development, producing 506 000 t of spodumene concentrate a year, increasing to 880 000 t/y in Stage 2, for a further investment of $70-million.
The project is expected to have a minimum mine life of 21 years, producing 15.6-million tonnes of spodumene concentrate over that period.
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